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CHINA LEADS GLOBAL BOUNCE -- FALLING DOLLAR BOOSTS FOREIGN ETFS -- BRAZIL IS GETTING A LIFT FROM STRONGER COMMODITIES -- S&P 500 FAILS ANOTHER TRY AT ITS 50-DAY AVERAGE -- FINANCIALS AND TRANSPORTS ARE AMONG BIGGEST LOSERS

by John Murphy,

Chief Technical Analyst, StockCharts.com

CHINA LEADS GLOBAL BOUNCE ... One of our readers asked recently if China was starting to show any new signs of relative strength. After this week's upturn, the answer is yes. With so many markets rallying up to test their 50-day averages, China iShares (FXI) have cleared that resistance...   READ MORE 

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SPY STALLS NEAR KEY RETRACEMENT -- GOLD FORGES ISLAND REVERSAL -- GOLD MINERS OUTPERFORMING BULLION -- NEWMONT AND BARRICK SURGE -- DOLLAR FALLS AS EURO BOUNCES - BONDS NOT WORRIED ABOUT INFLATION

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS FINISH POSITIVE IN CHOPPY TRADING ... Today's Market Message was written by Arthur Hill. John Murphy will return tomorrow. - Editor Trading was rather choppy on Wednesday, but the major indices ended on a strong note and closed with modest gains on the day. In a nutshell, the...   READ MORE 

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A RALLY IN THE FACE OF BAD ECONOMIC NEWS IS A SIGN OF AN OVERSOLD MARKET -- MAJOR MARKET INDEXES TEST THEIR 50-DAY AVERAGES

by John Murphy,

Chief Technical Analyst, StockCharts.com

DON'T TRADE OFF ECONOMIC NEWS ... We had a nice example last Friday of the stock market rallying on very bad economic news. Friday's employment report was the worst in more than thirty years. And yet, the stock market rallied after a lower opening. Media watchers were...   READ MORE 

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COMMODITY-RELATED STOCKS GET MARKET OFF TO A STRONG START-- A WEAKER DOLLAR BOOSTS COMMODITIES AS OIL BOUNCES OFF LONG-TERM SUPPORT AT $40 -- FINANCIALS AND CONSUMER DISCRETIONARY STOCKS SHOW NEW LEADERSHIP -- STOCK INDEXES RALLY TOWARD 50-DAY LINES

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR DROPS TOWARD NOVEMBER LOW ... A strong bounce in foreign currencies, and a drop in the U.S. Dollar, is giving a nice boost to commodity markets and stocks tied to them. Basic material, gold, and energy stocks are helping lead the stock market higher. So are consumer discretionary and...   READ MORE 

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CRUDE OIL MAY FIND SUPPORT AT $40 -- FALLING COMMODITIES ARE HURTING CANADA -- A FALLING CANADIAN DOLLAR HAS HURT CANADIAN ISHARES -- AN UPDATE OF EMA MACD LINES ON DAILY, WEEKLY, AND MONTHLY CHARTS -- USING INTRA-DAY EMA SIGNALS FOR SHORT-TERM TRADING

by John Murphy,

Chief Technical Analyst, StockCharts.com

$40 WAS THE PREVIOUS OIL CEILING ... With crude oil having fallen $100 from its summer peak, and trading back below $50, the big question is whether there exists some price level that could stem the oil plunge and act as a possible floor beneath that market. My best guess is...   READ MORE 

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LATE SURGE PUSHES DOW HIGHER -- FINANCIALS LEAD THE CHARGE -- 10% SWINGS FOR THE S&P 500 -- TELCOS SHOW RELATIVE STRENGTH -- VERIZON AND AT&T SURGE - LOW INTEREST RATES HELP HOME BUILDERS -- PULTE AND DR HORTON SCORE BIG

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCIALS LEAD LATE SURGE ... Today's Market Message was written by Arthur Hill. John Murphy will return tomorrow. - Editor Stocks traded mixed most of the day, but a late surge lifted the major indices to their highest levels of the day and financials led the way. The Dow...   READ MORE 

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DON'T CONFUSE SHORT-TERM COMMENTARY WITH LONG-TERM ANALYSIS -- DAILY TREND SIGNALS ARE ONLY MINOR RIPPLES IN MAJOR TREND -- NBER ANNOUNCES THAT RECESSION STARTED A YEAR AGO -- WE DON'T HAVE THE LUXURY OF WAITING A YEAR TO MAKE DECISIONS

by John Murphy,

Chief Technical Analyst, StockCharts.com

DON'T CONFUSE SHORT- AND LONG-TERM TRENDS... I get the impression from recent feedback that some of our readers aren't clear about terms like "short-term" and "long-term" in describing market trends. It's important not to confuse the two. So let'...   READ MORE 

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DEFLATION FEAR BOOSTS TREASURY BONDS BUT HURTS TIPS -- MARKET BOUNCE HAS BEEN ON LOW VOLUME -- FINANCIALS WEIGH ON MARKET -- WEEKLY AND MONTHLY MACD LINES STILL BEARISH -- TODAY'S 9% DROP PUTS SHORT-TERM BOUNCE IN JEOPARDY

by John Murphy,

Chief Technical Analyst, StockCharts.com

TIPS LAG BEHIND BOND RALLY ... Since commodities prices collapsed at midyear, fears of global deflation have grown. Longer-yielding Treasuries have been the principal beneficiary of that. Today's Fed comment that it may start buying longer-term Treasuries to push bond yields even lower have also given bond prices a...   READ MORE 

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POSITIVE DIVERGENCES AND PROXIMITY TO 2002 LOW INCREASE ODDS FOR SHORT-TERM BOTTOM -- SO DOES THE DOUBLE TOP IN THE VIX INDEX -- GOLD BREAKOUT HINTS AT OVERSOLD BOUNCE IN OTHER COMMODITIES

by John Murphy,

Chief Technical Analyst, StockCharts.com

SHORT-TERM TREND HAS IMPROVED ... I wrote on Monday that I thought the major market indexes could reach their early November peak and/or their 50-day moving averages on the current rebound. That's not such an ambitious forecast. Even so, a number of readers asked why I was even...   READ MORE 

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CITIGROUP BAILOUT HELPS PUSH MARKET INTO FIRST TWO-DAY GAIN IN A MONTH -- DOLLAR DROP BOOSTS COMMODITIES -- VIX AND JAPANESE YEN ALSO DROP AS GLOBAL STOCKS BOUNCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

NYSE COMPOSITE JUMPS 7% ... Thanks largely to a government bailout of Citigroup that pushed that stock up nearly 60% today, financials gained 15% and helped ignite a 6% jump in market market indexes. It was the first two-day jump this month, and it occurred on decent volume and positive breadth...   READ MORE 

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CITIGROUP BAILOUT GIVES FINANCIALS AND STOCKS AN EARLY LIFT -- GLOBAL STOCKS RALLY -- COMMODITIES BOUNCE AS OVERBOUGHT DOLLAR PULLS BACK -- GOLD STOCKS ARE BREAKING OUT -- BONDS AND VIX ARE DROPPING AS STOCKS RISE

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCIALS LEAD RALLY ... A government rescue plan for Citigroup is pushing that stock 60% higher this morning and giving a big boost to the financial sector which is gaining more than 10% on the day. Financial buying has spilled over to the entire stock market which is trying to build...   READ MORE 

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GOLD BREAKS OUT TO NEW HIGH FOR THE MONTH -- BULLION HAS HELD UP BETTER THAN STOCKS AND OTHER COMMODITIES -- SOME OF THE GOLD BUYING MAY BE TIED TO FEAR OF DEFLATION -- TODAY'S HIGHER MARKET CLOSE KEEPS 2002 LOWS INTACT

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD HITS MONTHLY HIGH ... I wrote in yesterday's message that recent fears of deflation were giving a big boost to Treasury bonds. I also wrote that, in a deflationary environment, stocks and commodities usually fall together and become closely correlated. That's certainly been the case since...   READ MORE 

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S&P CLOSES BELOW 2002 LOW -- FINANCIALS AND DISCRETIONARY SECTORS HAVE ALREADY BROKEN THOSE LOWS -- MONTHLY CHARTS OF OTHER SECTOR AND FOREIGN ETFS IN RELATION TO 2002 BOTTOM -- NO SIGN OF A BOTTOM IN CHINA

by John Murphy,

Chief Technical Analyst, StockCharts.com

WHERE THOSE LOWS ARE LOCATED ... The 2002 bear market lows are under attack. Charts 1 and 2 show where those lows are located for the S&P 500 and the Dow. A 6.7% plunge in the S&P 500 put it below the 2002 intra-day low at...   READ MORE 

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DOW FALLS SHARPLY -- FINANCIALS LEAD SECTORS LOWER -- BONDS SURGE ON PPI AND CPI NEWS -- GOLD HITS RESISTANCE -- STEEP YIELD CURVE NOT HELPING -- RISK AVERSION RULES

by John Murphy,

Chief Technical Analyst, StockCharts.com

ANOTHER WEDNESDAY WHACK ... Today's Market Message was written by Arthur Hill. John Murphy will return tomorrow. - Editor The Dow Industrials declined for the tenth Wednesday in a row on 19 November. This is becoming a habit with five of the last six Wednesdays sporting declines greater than...   READ MORE 

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BONDS RALLY AS STOCKS DROP -- T-BILL RATE STAYS NEAR ZERO -- RISING DOLLAR KEEPS COMMODITIES ON THE DEFENSIVE -- FINANCIALS HIT NEW LOWS ALONG WITH CHIPS AND REITS -- MAJOR INDEXES RETEST LAST THURSDAY'S INTRA-DAY LOW

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR RISES AS COMMODITIES FALL ... Chart 1 show the Power Shares US Dollar Bullish ETF (UUP) moving up toward its October high. The ability of the dollar to continue its rise is keeping commodities under pressure. The streetTrack Gold Trust (GLD) in Chart 2 is almost a mirror image of...   READ MORE 

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STOCKS CONTINUE TO TEST BOTTOM OF TRADING RANGE -- NO UPSIDE FOLLOW-THROUGH YET FROM LAST THURSDAY'S UPSIDE REVERSAL

by John Murphy,

Chief Technical Analyst, StockCharts.com

NO FOLLOW-THROUGH TO KEY REVERSAL DAY ... Last Thursday's upside reversal day on strong volume raised hopes for a short-term rally attempt. Unfortunately, there's been no upside follow-through since then. The daily bars in Chart 1 show the S&P 500 losing ground over the last...   READ MORE 

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MARKET SCORES HIGH-VOLUME REVERSAL AFTER TOUCHING NEW LOW -- UPSIDE LEADERS ARE COMMODITY STOCKS, FINANCIALS, SMALL CAPS, AND REITS -- WHY RECENT TRIANGLE IN FINANCIAL SPDR MAY CARRY SOME GOOD NEWS

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P JUMPS 6% AFTER TOUCHING NEW LOW... After dropping briefly to the lowest level since March 2003, the S&P 500 achieved an upside reversal day (as did all of the other major indexes) that resulted in a 6% gain. It also did that on the highest...   READ MORE 

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BROAD DECLINE ROCKS WALL STREET -- DOW BREAKS TRIANGLE -- RETAILERS DRAG XLY AND XRT LOWER -- DOLLAR STORES SHOW RELATIVE STRENGTH -- FINANCIAL STOCKS NOT IMPRESSED WITH PAULSON -- TBILLS REFLECT RISK AVERSION

by John Murphy,

Chief Technical Analyst, StockCharts.com

ANOTHER DOWN WEDNESDAY ... Today's Market Message was written by Arthur Hill. John Murphy will return tomorrow. - Editor What is it with Wednesdays? The Dow Industrials declined for the ninth Wednesday in a row. Of these nine down Wednesdays, the Dow was down more than 2% six times....   READ MORE 

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A COMPARISON OF ECONOMICALLY-SENSITIVE CYCLICAL STOCKS TO CONSUMER STAPLES TELLS US A LOT ABOUT THE STRENGTH OF THE MARKET AND ECONOMY -- THE TREND IS STILL WEAK

by John Murphy,

Chief Technical Analyst, StockCharts.com

CYCLICAL STOCKS CONTINUE TO UNDERFORM ... One of the easiest ways to measure the strength or weakness of the stock market and economy is to compare the relative performance of economically-sensitive stocks (cyclicals) to economically-resistant stocks. The logic is very simple. In an up market (and a rising economy), cyclical stocks...   READ MORE 

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UNEMPLOYMENT NUMBERS CONFIRM WHAT MARKETS ALREADY KNEW -- SECTOR ROTATIONS REMAIN NEGATIVE -- WEAKNESS IN RETAILERS, HOMEBUILDERS, REITS , AND TECHNOLOGY ISN'T ENCOURAGING -- DAILY EMA LINES STILL NEGATIVE

by John Murphy,

Chief Technical Analyst, StockCharts.com

ECONOMISTS ARE ALWAYS THE LAST TO KNOW... Friday's report that the unemployment rate jumped to a fourteen year high of 6.5% has finally convinced the economic community that the U.S. economy is in a recession and a deep one at that. As a result, we'...   READ MORE 

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13-34 WEEK EMA COMBINATION HAS GOOD THIRTY YEAR TRACK RECORD AND SHOWS NO SIGN OF A BOTTOM -- ANOTHER LOOK AT ELLIOTT WAVES -- S&P 500 STAYS IN SIDEWAYS TRADING RANGE WHILE FINANCIALS FORM BEARISH TRIANGLE

by John Murphy,

Chief Technical Analyst, StockCharts.com

WEEKLY EMA PERFORMANCE ... I wrote recently about the strong track record of the 13 and 34 week exponential moving average (EMA) lines in spotting important market turns. One of our readers asked how that weekly combination did over the past thirty years. Here's a look. I'm...   READ MORE 

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BROAD DECLINE ROCKS WALL STREET -- FINANCIALS LEAD THE WAY LOWER -- BEAR MAREKT RALLY STILL POSSIBLE -- 200-DAY MOVING AVERAGE MARKS RESISTANCE -- USING RETRACEMENTS FOR TARGETS -- RSI IN A LONG-TERM DOWNTREND

by John Murphy,

Chief Technical Analyst, StockCharts.com

BROAD SELLING PRESSURE HITS WALL STREET ... Today's Market Message was written by Arthur Hill. John Murphy will return tomorrow. - Editor After moving sharply higher the last six days, the market took a big breather with a sharp decline on Wednesday. Selling pressure started with a gap down...   READ MORE 

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SHORT-TERM MARKET IMPROVEMENT CONTINUES AS LENDING RATES AND VIX DROP -- DAILY EMA LINES STRENGTHEN, BUT WEEKLY AND MONTHLIES STILL POINT DOWN -- COMMODITIES BOUNCE WITH STOCKS AS DOLLAR AND YEN PULL BACK

by John Murphy,

Chief Technical Analyst, StockCharts.com

LIBOR AND VIX CONTINUE TO DROP ... Short-term market conditions continue to improve. One reflection of that is the continuing drop in the LIBOR lending rate (London Interbank Offered Rate). Chart 1 shows the three-month LIBOR dropping another 15 basis points today to 2.71% which is the lowest level since...   READ MORE 

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LIBOR FALLS TO SIX-WEEK LOW AND HELPS TO STEADY STOCKS -- STEEPER YIELD CURVE MAY ENCOURAGE BANKS TO LEND -- THE MARKET WILL BOTTOM BEFORE THE ECONOMY -- WEEKLY EMA LINES ARE STILL DOWN

by John Murphy,

Chief Technical Analyst, StockCharts.com

LIBOR DROP ENCOURAGES MARKETS ... One of the recent positive trends is the continuing drop in the three-month London Interbank Overnight Lending Rate (LIBOR). That rate determines what banks charge each other for loans. During the credit freeze that started in mid-September, the LIBOR jumped from 2.8% to 4.8%...   READ MORE 

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MODEST RALLY ATTEMPT CONTINUES BUT ON LOW VOLUME -- MARKET MAY SIMPLY BE ENTERING A SIDEWAYS TRADING RANGE FOR BALANCE OF YEAR

by John Murphy,

Chief Technical Analyst, StockCharts.com

VOLUME REMAINS LIGHT ... In a legitimate upturn, one of the first things we look for is rising prices and rising volume. We've seen a modest price upturn over the past week, but very little volume to go along with it. Today's price bounce came on lower...   READ MORE 

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RETAILERS OVERSOLD -- MARKET REMAINS NERVOUS -- DIA HITS RESISTANCE - FINANCIALS LEAD LOWER -- SHORT-TERM RATES FALL -- DOLLAR INDEX BACKS OFF OVERBOUGHT LEVELS

by John Murphy,

Chief Technical Analyst, StockCharts.com

RETAILERS FEELING THE PINCH... Today's Market Message was written by Arthur Hill. John Murphy will return tomorrow. - Editor As expected the Fed cut the federal funds rate by 0.5% and this key rate now stands at 1%. In its policy statement, the Fed noted a decline...   READ MORE 

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BOUNCE IN FOREIGN MARKETS GIVES US STOCKS A BOOST -- OVERSOLD CONDITION AND DROP IN VOLATILITY ALSO SUGGEST THE LIKELY START OF A BEAR MARKET BOUNCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

OVERSOLD FOREIGN MARKETS BOUNCE ... Over the past week, the U.S. market has held relatively firm while foreign shares have mostly fallen to new lows. Today's rebound in foreign shares is finally giving a boost to stocks in the U.S. Charts 1 and 2 show the EAFE...   READ MORE 

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S&P 500 NEARS TEST OF 2002-2003 LOW WHICH WOULD BE DROP OF 50% -- WHY THE CURRENT MARKET TRIANGLE CARRIES GOOD AND BAD NEWS

by John Murphy,

Chief Technical Analyst, StockCharts.com

50% DROP WOULD MATCH 2000-2002 LOSS ... The monthly bars in Chart 1 put the last eight years of market action in good perspective. And the chart is pretty orderly. From its 2000 peak to its late 2002 bottom, the S&P 500 lost 50% of its value. From that...   READ MORE 

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THE FED MAY NEED TO EMPLOY SOME CHARTISTS -- WARNING SIGNS OF HOUSING PROBLEMS WERE CLEARLY VISIBLE ON CHARTS -- WHY A RISING YEN HAS BEEN BAD FOR GLOBAL STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

AN ARMY OF PHDS DIDN'T SEE ANY PROBLEMS ... It was quite interesting listening to Mr Greenspan explain to Congress that the army of PHDs employed by the Fed (which he claimed were the best in the world) didn't see any problems brewing in the housing market....   READ MORE 

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STOCKS HIT WITH BROAD DECLINE -- LACK OF FOLLOW THROUGH STYMIES THE BULLS -- BEARISH MOMENTUM FOR DIA AND QQQQ -- PERFCHARTS FAVOR DEFENSIVE SECTORS -- EURO REACTS TO POTENTIAL RATE CUTS -- GOLD FOLLOWS EURO

by John Murphy,

Chief Technical Analyst, StockCharts.com

BROAD SELLING HITS WALL STREET... Today's Market Message was written by Arthur Hill. John Murphy will return tomorrow. - Editor Stocks were hammered on Wednesday with across the board selling pressure. All nine sectors were down sharply on the day. All 30 Dow components were down and breadth...   READ MORE 

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MAJOR AVERAGES APPEAR TO BE FORMING SHORT-TERM TRIANGLES -- THAT REDUCES THE ODDS THAT A LOW HAS BEEN SEEN AND SUGGESTS ONE MORE MOVE INTO NEW LOWS MAY BE NEEDED

by John Murphy,

Chief Technical Analyst, StockCharts.com

CONVERGING TRENDLINES ... One of our readers pointed out that the short-term pattern of the last eight trading days has a triangular look. A "triangle" is a trading pattern that is characterized by two converging trendlines. I've applied them to hourly bars in the following charts. The...   READ MORE 

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HIGH-YIELDING FOREIGN CURRENCIES CONTINUE TO TUMBLE -- THE RISING DOLLAR KEEPS COMMODITIES UNDER PRESSURE -- ALUMINUM AND COPPER SUFFER FROM GLOBAL WEAKNESS -- DOLLAR AND YEN ARE ONLY TWO RISING CURRENCES

by John Murphy,

Chief Technical Analyst, StockCharts.com

FOREIGN WEAKNESS HURTS CURRENCIES ... The Fed started lowering interest rates more than a year ago to stem the financial crisis in the U.S. Foreign central banks didn't follow along, while some even raised rates. With foreign economies weakening along with the US, the belief is that foreign...   READ MORE 

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RISE IN 3-MONTH T-BILL RATE AND DROP IN LIBOR SUGGEST CREDIT FREEZE IS THAWING -- THAT INCREASES THE ODDS FOR A STOCK MARKET BOUNCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

T-BILLS SHOW MORE CONFIDENCE ... One of the side-effects of the market meltdown since early September has been the sharp drop in the 3-month T-bill rate. Chart 1 shows the 3-month rate falling to zero over the last month as scared investors flocked to the safety of T-bills. [T-bill rates fall...   READ MORE 

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FALLING COMMODITIES ARE SIGN OF RECESSION -- SO ARE FALLING MATERIAL AND ENERGY STOCKS -- IT'S IMPORTANT THAT MARKET STAY ABOVE 2002 LOW -- WATCHING BANDS FOR OVERHEAD RESISTANCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

COMMODITES ARE LAST ASSET TO PEAK... A number of readers have asked if I thought the U.S. was in a recession or heading into one. Others have asked if I thought this recession would be worse than most. Although I'm not an economist, it is possible to...   READ MORE 

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ECONOMIC REPORTS CLOBBER STOCKS -- SPY FILLS MONDAY'S GAP -- DOW REMAINS OVERSOLD -- RETAILERS TAKE A DIVE -- OIL HITS NEW LOW -- U.S. DOLLAR INDEX GAINS

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS HIT WITH TRIPLE WHAMMY ... Today's Market Message was written by Arthur Hill. John Murphy will return tomorrow. - Editor Bailout hopes gave way to economic realities as stocks were broadsided with selling pressure on Wednesday. First, the Commerce Department reported a sharp decline (1.2%) in September...   READ MORE 

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MASSIVE GLOBAL SUPPORT FOR BANKS PRODUCES STRONG STOCK RALLY -- TODAY'S GAINS REPRESENT THE BEST DAY SINCE THE CRISIS STARTED

by John Murphy,

Chief Technical Analyst, StockCharts.com

GLOBAL STOCKS SCORE BIG GAINS ... A huge international rescue plan for banks has finally ingited a strong global stock rally. European gains average 10%. The same is true in Hong Kong. The U.S. market is just following along. This is clearly the best market day since the crisis started...   READ MORE 

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ORIGINAL VOLATILITY INDEX HASN'T REACH 1987 PEAK -- DOLLAR IS RISING BECAUSE FOREIGN CURRENCIES ARE FALLING -- SCARED MONEY FAVORS BILLS OVER BONDS -- GOLD SELLS OFF ON HEAVY VOLUME -- OIL HITS 12-MONTH LOW

by John Murphy,

Chief Technical Analyst, StockCharts.com

MORE ON VOLATILITY INDEX ... There seems to be a lot of confusion regarding the unusually high readings in the VIX. This may help. The CBOE Volatility (VIX) is currently trading at 75 which is the highest level in its history. That history, however, doesn't extend back to 1987....   READ MORE 

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THE NEXT MAJOR SUPPORT LEVELS GO BACK TO THE 2002-2003 LOWS -- WATCH BOLLINGER BAND WIDTH FOR SIGNS OF A REBOUND -- MARKET STILL DROPPING

by John Murphy,

Chief Technical Analyst, StockCharts.com

NEXT MAJOR SUPPORT ... One of our readers suggested that we get back to basics and simply point out where the next major support levels are located. To do that we have to rely on monthly price charts. In a major bear market, the best way to look for potential support...   READ MORE 

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STOCKS BALK AT COORDINATED RATE CUTS -- DOW REMAINS OVERSOLD -- GOLD BENEFITS AS SAFE HAVEN -- GOLD MINERS ETF SURGES -- BONDS FALL AFTER BIG RATE CUT -- WATCH TBILL RATES FOR CREDIT CRISIS CLUES

by John Murphy,

Chief Technical Analyst, StockCharts.com

GLOBAL RATE CUTS FAIL TO INSPIRE... Today's Market Message was written by Arthur Hill. John Murphy will return tomorrow. - Editor The Fed, European Central Bank, Bank of England, Bank of Canada and other central banks cut interest rates in an effort to thwart the global financial crisis....   READ MORE 

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GLOBAL MARKETS PLUNGE ON CREDIT FEARS -- COMMODITIES ALSO FALL ALONG WITH THE EURO -- THE ONLY WINNERS WERE BONDS, THE DOLLAR, GOLD, AND THE YEN -- STOCKS MAKE BACK HALF OF DAY'S LOSSES IN THE AFTERNOON

by John Murphy,

Chief Technical Analyst, StockCharts.com

BONDS, GOLD, THE DOLLAR, AND YEN BENEFIT... First the good news. With global stocks and commodities falling sharply today, there were only a few markets that actually made money. Treasury bonds and notes rose as yields tumbled (Chart 1). The U.S. Dollar Index also gained ground as foreign currencies...   READ MORE