March 19, 2024

ECB helps U.S. Dollar & market higher

Index & Sector performance 11/6/14 The Market: Comments from ECB President Mario Draghi suggesting that the central bank is committed to stimulating the region’s economy helped send the S&P 500 (SPY) and the U.S. Dollar higher on the session.  As would be expected the Euro/Dollar cross was under pressure finishing the U.S. trading session at new 2 year lows. A strong dollar is not a bad thing and increases global purchasing power of U.S. companies and individuals.  However, as we saw recently with the Trade Balance, a strong dollar can hurt exports.  Coupled with concerns over crude oil’s recent decline…

Daily Wrap

DJIA +3.76 (+0.03%) to 14,455.82; S&P 500 -3.76 (-0.24%) to 1,548.34; NASDAQ -8.49 (-0.26%) to 3,229.10 The continued trepidation and negativity stemming from the Cyprus debacle was in focus today as the markets tried to start with a strong open only to lay way to a strong decline which finally found buyers after just dipping below the R1 support in the futures which provided initial support and then went down to back test.  After a slight dip below the R1 level, the market had positive divergence on the 5 minute futures chart and that ultimately did prove to be the lows as the market…