Friday, 29 May 2020

May settles

US equity indexes closed rather mixed, sp +14pts (0.5%) at 3044. Nasdaq comp' +1.3%. Dow -0.1%. The Transports settled -0.4%.

sp'daily5



VIX'daily3



Summary

US equities opened on a weak note, ahead of the Trump press conf'...

Meanwhile...


The above came after...


... as things continue to escalate between Twitter and Trump. This can't possibly end well for the former.

Powell appeared at 11am, with ex vice-chair Blinder, in what was an outright propaganda piece...


The Fed chair admitted he had crossed a number of red lines, but that it was appropriate, and he would deal with the implications 'later'.

The afternoon saw the US President appear...



.. although the market decided to interpret Trump's speech as 'less bad than expected'. With no Q/A, the market was further relived, and rallied (if choppy) into the close.

Volatility printed 30.16 with sp'2998, but was knocked back lower in late afternoon, the VIX settling -3.8% to 27.51.
--

The sun sets on May trading.

Full moon... Friday June 5th.
--
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
--
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Thursday, 28 May 2020

Ending the day badly

US equity indexes closed on a distinctly weak note, sp -6pts (0.2%) at 3029. Nasdaq comp' -0.6%. Dow -0.5%. The Transports settled -1.6%.

sp'daily5



VIX'daily3



Summary

US equities opened a little choppy, but did claw upward to new cycle highs.

Meanwhile...


... and continued...


The 'hater' - Roth, is the head of site integrity, someone who its been reported has called Trump a 'Nazi'. Not great, and is arguable is about as balanced as the San Andreas fault.

The afternoon saw equities continue to claw to a new cycle high of sp'3068, but the closing hour saw a very significant cooling wave, ending on a distinctly weak note.

Volatility was mixed, the VIX printing 27.43, but settling +3.5% at 28.59. As things are, the SPX is comfortably on track to settle the week/month above giant psy'3K, the 200dma, and the key monthly 10MA. To yours truly, such a May settlement will turn the m/t trend back to outright bullish, and it will arguably solidify the March low of 2191 as a washout low.

I have to add, Tom Lee of Fundstrat...

Tom Lee - April 20th 2020

*original tweet: https://twitter.com/permabear_uk/status/1252267736157376512

Lee's notion that the equity market recovery will be V-shaped, regardless of the type of economic recovery, has turned out to be correct. Considering the likely bullish May settlement, he could be seen to be doing a little bullish dance into the weekend.
--

The number of planes is very.... very slowly increasing

A fine day

Full moon is Fri' June 5th
--
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
--
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For details and the latest offers, see: Permabeardoomster.com

 

Wednesday, 27 May 2020

Trump verses Twitter

US equity indexes closed broadly higher, sp +44pts (1.5%) at 3036. Nasdaq comp' +0.8%. Dow +2.2%. The Transports settled +2.9%.

sp'daily5



VIX'daily3



Summary

US equities opened significantly higher, but the gains were shaky from the start, with the market reversing lower, lead by the Nasdaq.

The SPX printed 2969, but then clawed upward... all the way into the closing hour, even managing to break a new cycle high. Volatility was mixed, the VIX printing 30.53, but settling -1.4% at 27.62.
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Trump verses Twitter

Twitter has always been left leaning (Dorsey admits this himself), but the tensions have notably increased, as seen last evening...


Twitter has effectively labelled the above tweets as a lie, false... or whatever you want to call it.

Trump pushed back...



... and continued....


Big action huh, such as? Twitter itself is struggling, recent earnings were outright lousy. Q2/Q3 will be horrific, with companies/advertisers having massively cut back on spending. In any case, the Trump verses Twitter war will surely spiral into/across the summer, not least with an election ahead.
--

A fine day in the capital of semi-mass hysteria

Full moon will be June 5th
--
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
--
If you value my work, subscribe to my intraday service. 
For details and the latest offers, see: Permabeardoomster.com