The major US stock market indices have rallied back from their Christmas lows...recovering everything they lost after Powell triggered a 2,000 point / 4 day tumble in the Dow with his "auto-pilot" remarks on December 19.
Polar Futures Group
Polar Futures Group is the team of Victor Adair and Drew Zimmerman who have worked together for over 5 years. Together they offer over 50 years of experience trading in financial markets. They specialize in trading currencies, interest rates, precious metals, base metals, financial indices, energies and agricultural exchange listed futures and options contracts .
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The leading US stock indices fell ~20% from early October All Time Highs to the Christmas lows (Dow down ~5,000 pts) but have bounced back about 8% (Dow up ~1,750 pts) as of yesterday’s close. Daily price action has been wild and choppy with 500+ point swings in the Dow seemingly routine.
The Big Story for 2018 was the “topping out” of the global Central Bank accommodation that had buoyed asset markets around the world for nearly a decade. The Fed took the lead in the swing from easier to tighter monetary policy by raising interest rates and starting to run down their balance sheet. Asset markets took notice...and didn't’t like it.