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Global Market Wrap-Up

Mark Hanna is a private investor and financial commentator, best known as “TraderMark” on Seeking Alpha. He holds an economics degree from the University of Michigan and operates his own website called Fund My Mutual Fund. Considering him a kindred philosophical spirit, Euro Pacific Capital has commissioned Mark to provide daily updates on global markets.
Thursday, May 23, 2013
Mark Hanna
U.S. stocks dropped modestly Thursday, bouncing off early morning lows but the story of the day was Japan's Nikkei market which fell over 7%. However that only reduced its year to date gains from 50% to 40%; it was long overdue for some sort of correction. Globally weaker than...
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Wednesday, May 22, 2013
Mark Hanna
U.S. stocks remain completely hostage to the whims of the Federal Reserve and its commentary. After initially spiking higher Wednesday on "dovish" Ben Bernanke commentary at a hearing on Capitol Hill, they posted a sharp reversal after "hawkish" comments. In reality nothing...
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Tuesday, May 21, 2013
Mark Hanna
Dovish comments from two Fed officials ahead of Bernanke's testimony tomorrow on Capitol Hill helped lift stocks slightly in the U.S. ; the S&P 500 and NASDAQ both gained just under 0.2%. In a strange quirk this is the 19th consecutive Tuesday that the Dow Jones Industrial...
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Monday, May 20, 2013
Mark Hanna
It was a generally quiet session for U.S. stocks as most of the action centered around precious metals. Traders await Bernanke's testimony on Capitol Hill Wednesday for even the slighest of hints that quanitative easing will be tapered as this appears to be the main driver of...
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Friday, May 17, 2013
Mark Hanna
Two days of bad economic daya did nothing to slow down the bull stamepe on Wall Street, so Friday's few decent data points encouraged more buying. The S&P 500 and NASDAQ both gained 1.0% as a late day rally pushed the S&P to new records; in fact the closing print Friday...
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Thursday, May 16, 2013
Mark Hanna
U.S. stocks retreated a bit Thursday as they generally ignored a second day of poor economic but but sold off only when another Fed official raised the possibility of future "tapering" of quantitative easing. It is that sort of market - economic reality does not matter but any...
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Wednesday, May 15, 2013
Mark Hanna
U.S. stocks continue to rally despite any sort of weak economic news. Wednesday the 9th gain in 10 days, and the 13th in 16 sessions. The S&P 500 gained 0.5%, and the NASDAQ 0.3%.
  • Manufacturing activity in the New York region contracted unexpectedly in April for...
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Tuesday, May 14, 2013
Mark Hanna
Comments by hedge fund manager - who famously said in late 2010 that either the economy will improve or the Fed will drive up stock prices during Quantitative Easing #2, helped push stocks up Tuesday. His appearance on CNBC showed a man who was no less bullish and he even...
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