FYI: While the indexes posted modest losses for the weeks, it was a quite volatile week, especially in relation to most of 2019. Indexes plummeted Monday on trade fears to their worst single day performance of 2019, captured back about half those losses Tuesday, then sunk again at Wednesday’s open before bulls posted a furious comeback during the day to get the market back to near even. Thursday saw a surge, while Friday morning saw another significant selloff, followed by some buying in the afternoon to reduce losses. That felt a lot like a typical day in 2008.
Monday, China allowed its currency to fall to a more than 10 year low versus the dollar. Tuesday, China’s central bank moved to restrain the fall in its currency with a fix Tuesday at 6.9683 yuan. A breach of the 7-to-the dollar level on Monday, interpreted by some as an intentional weakening of its currency, helped to ignite a global stock market selloff and slump in bond yields. By Friday it was back up to 7.01.
Trump continued to tweet about the Fed being too tight:
Regards,
Ted
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