January has been wrought with market turbulence and near daily switchbacks. Not the kind of market I intentionally participate in.
Today was no exception. Market conditions have deteriorated back to “uptrend under pressure”. A status the market had barely crawled out of less than a week ago.
Despite the European Central Bank revving up the euro printing press, last year’s problems persist- namely a global slowdown. The question remains, can the US pull the rest of the world out of a funk?
While some technology stocks performed well, earnings season is being dragged down by the Energy Sector and Multinationals (suffering from weak exports and currency exchange losses due to a strong US dollar).
Today the market plunged after the Federal Reserve held to their guidance to raise interest rates later this year. The market seems to sense that once the euphoria of low fuel prices wears off there will be nothing to sustain the rally.
A declining stock market during earnings season is never a good sign and is a worse omen at the beginning of the year. The panic is evident with the yield on 10 year Treasures back to historic lows of 1.7%.
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