More white noise. Rallies like today’s 212-pointer in the Dow barely register a blip on the intraday charts, let alone on the ‘daily’. From a technical standpoint, a thousand-point upthrust by week’s end wouldn’t change the big picture much, although it might bring some bravado back to Wall Street for a moment or two. Regardless, it all feels like distribution, and that feeling is certain to become palpable one day soon, when two dozen days’ worth of piddling gains will be erased before East Coast traders even get to their desks. For now, though, I’d suggest tuning out any guru who’s saying “something BIG!” is about to happen. Maybe. But if you bet on it, be sure you get long odds.
Rick’s Picks trading ‘touts’ are for educational purposes only. Past performance is no guarantee of future performance. (See full disclaimer at https://www.rickackerman.com/)
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Editors’ Picks
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GBP/USD fluctuates near 1.2350 after UK PMIs
GBP/USD clings to small daily gains near 1.2350 in the European session on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling stay resilient against its rivals.
Gold flirts with $2,300 amid receding safe-haven demand
Gold (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark in the European session. Eyes on US PMI data.
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US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
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