Investors will be hoping for a calmer end to the week after sessions dominated by heightened volatility amid Fed uncertainty and bank angst.
A calmer end to the week would be nice. The previous two sessions saw the S&P 500 SPX vacillate wildly; on Wednesday jumping 0.9% before finishing down 1.6%; and Thursday, surging 1.8% before closing off 0.5%.
The chances of that strategy paying off are pretty good according to these charts from Bespoke Investment Group. In particular, it’s Fed Chair Jay Powell’s press conference that seems to coincide with the wheels falling off the rally wagon. The good news for those traders not prepared to wait till the next Fed meeting is that the market tends to bounce over the several sessions following a Powell plunge, Bespoke notes.
As Mohamed El-Erian, adviser to Allianz and Gramercy, notes in a tweet following the Fed decision, either the Fed or the market is wrong about where interest rates are going later in the year. The buzz Shares in Deutsche Bank DBK are leading another sell-off for European banks as worries about contagion in the sector bubble to the surface again following last weekend’s forced marriage of UBS UBSG and Credit Suisse CSGN .
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