Saturday, 8 August 2020

Weekend update - US equity indexes

It was a bullish week for US equity indexes, with net weekly gains ranging from +5.8% (Transports), +3.8% (Dow), +2.5% (Nasdaq comp'), to +2.4% (SPX, NYSE comp').
Lets take our regular look at five of the main US indexes (monthly candle charts, for some perspective).
sp'500
Nasdaq comp'
Dow
NYSE comp'
Trans

Summary
All five of the US equity indexes settled net higher for the week.
The Transports lead the way higher, with the SPX and NYSE comp' a little laggy.
The Nasdaq comp' broke a new historic high.

All five indexes are currently trading above their respective monthly 10MA, with the m/t trend outright bullish.
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Looking ahead
A somewhat lighter week is ahead, at least in terms of scheduled earnings/data. I would especially note earnings for Barrick Gold (early Mon'), and Wheaton Precious Metals (late Wed'), both of which should be good, with extremely positive outlooks.
Earnings:
M - CGC, WKHS, GOLD, RCL, MAR, ON, NVAX, TLRY, SPG, OXY, TME, ZI
T - NIO, HUYA, SYY, LITE, TTOO, LRN, RRGB
W - JMIA, ALT, EAT, CSCO, SDC, LYFT, WPM
T - TPR, AMAT, PRPL, BIDU, IQ
F - DKNG
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Econ-data:
M - JOLTS
T - PPI
W - CPI, EIA Pet', US T-budget
T - Weekly jobs, import/export prices
F - Retail sales, Productivity/costs, consumer sent', busi' invent'.
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Have a good weekend
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*the next post on this page will likely appear 5pm EDT on Monday.

Thursday, 6 August 2020

Positive leaning chop

US equity indexes closed broadly higher, sp +21pts (0.6%) at 3349. Nasdaq comp' +1.0%. Dow +0.7%. The Transports settled +1.1%.

sp'daily5

VIX'daily3

Summary

US equities opened in chop mode, having recovered from pre-market moderate declines. The latest weekly jobs data was an improvement at 1.186M vs 1.435 (prior, revised). Still though, its a horrific print, as the reopening has partly stalled.

The market leaned upward into the afternoon, with the SPX printing a new multi-month high of 3351 in the closing hour, and settling at 3349.

Volatility remained subdued, the VIX settling -1.5% to 22.65.
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A fine end to the day
A fine end to the day
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Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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Wednesday, 5 August 2020

Just another day

US equity indexes closed broadly higher, sp +21pts (0.6%) at 3327. Nasdaq comp' +0.5%. Dow +1.4%. The Transports settled +1.3%.

sp'daily5


VIX'daily3

Summary

US equities opened on a positive note, although the latest ADP jobs data was a monstrous miss from expectations...


... and it doesn't bode well for the Friday BLS Print. Further data in early September will likely be reflective of all manner of underlying problems, which even the Fed can't paper over.

Meanwhile...


CNBC, aka... clown finance TV, are still playing their little games, with a rather overt attempt to direct attention from the ADP jobs data, by calling up Fed VC Clarida. Liesman is unquestionably 'in bed with the fed', although I guess... someone has to do it. Its good work if you can get it.

The afternoon saw considerable minor chop. With a new historic high for the Nasdaq comp', and a new multi-month high for the SPX, it was unquestionably, just another day for the equity bulls.

Volatility remained subdued, the VIX settling -3.2% to 22.99, reflective of a mainstream, with near zero concerns. After all, the Fed will solve ALL the problems, right?

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Another day, another sunset
             Another day, another sunset

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Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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If you value my work, subscribe to my intraday service. 

For details and the latest offers, see: Permabeardoomster.com