Posted on 03/20/2023 12:40:30 PM PDT by EBH
The Dow Jones Industrial Average rallied ahead of the next Fed meeting. First Republic (FRC) stock plunged despite reports the troubled bank is seeking the aid of JPMorgan Chase (JPM) as it battles to stay afloat. The Donald Trump SPAC, Digital World Acquisition (DWAC), rocketed despite more Stormy Daniels legal drama.
There was some bullish action even though the stock market is still gripped by a correction. Wheaton Precious Metals (WPM) attempted a weak breakout, while Royal Gold (RGLD) joined Leaderboard amid an encouraging move.
The Federal Open Market Committee Meeting, which will be led by Fed Chair Jerome Powell Tuesday and Wednesday, looks to be key.
"U.S. stocks are wavering as risk aversion won't be going away until markets are confident that the Fed is done with their rate hiking campaign," Oanda senior market analyst Edward Moya said in a note to clients. The banking system still doesn't have any confidence as Wall Street tries to send yields sharply lower, he says.
It looks like "credit conditions will continue to tighten while monetary policy conditions are expected to loosen as the economy heads to a recession," Moya sai
(Excerpt) Read more at investors.com ...
Wake me when it gets back to 37,000.
Exactly, 2 years lost and counting.
Today (and possibly for the next few weeks) will be consolidation to all the bag holders.
The rate of monetary deflation is increasing. A hike of 1/4 point on the Fed Funds rate this week will just be another nail in the coffin.
I'm completely in 4-week US Treasuries, watching the game unfold.
DWAC was always a risky investment. It is getting the 3rd degree from SEC which changed the rules on SPAC merging to make a public company.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.