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Richard's Thoughts On Dow Theory Confirmations

Daily Recap

Markets all headed south for what seems like the flakiest of reasons: the Fed may end up raising rates after all. As in: haven't we been hearing this and preparing for it for weeks now, with markets previously indicating that they were ready for it - no big deal? Well yes, but folks are now interpreting the latest Fed-speak, along with yesterday's ECB inaction, as signaling a new era of higher interest rates ahead.

As often noted, it's not the news that matters, it's the market's reaction that counts. And today markets were grumpy indeed. European stocks fell 1%, but US shares really dove, with the Dow down 340 points shortly before the close and other US indices similarly 2% lower.

Crude oil was also to blame, though today's decline was less than yesterday's gains. But never mind -- investors were in a mood today, so energy shares got blasted. So did bonds, ... Log in or subscribe to continue reading.

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