sp'daily5
Trans' daily
Summary
*a notable new historic (if marginal) new high for the Dow of 17897. The 18000s are clearly viable at any point in the immediate term
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Crushed Volatility
With the market still in 'nothing to worry about' mode, the VIX remains extremely subdued.. and couldn't even the hold teens today, settling -10.1% @ 12.85.
VIX'daily3
Looking ahead
There is a fair amount due tomorrow....
ADP jobs, PMI/ISM service sector, productivity/costs, Fed beige book
*there are two fed officials on the loose, along with Fisher speaking in AH.
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Rising China, whilst Putin under pressure
There are a lot of individual charts I'd like to highlight, but I'll end today with a look at Russia and China. The Russian market remains in meltdown... with a new multi-year low of 923.
Russia, monthly
With the loss of the giant psy' level of 1000 in November, there really isn't any support until 800, and the RTSI is already lower by -5.0%, after just two trading days this month! Worse case, the mid 500s, which seems possible if Oil sees a secondary wave lower in second half of 2015.
I would imagine President Putin is increasingly receiving some regular reminders from many around him about the state of the Russian stock market. On any basis, the Russian economy needs Oil consistently above $80... but that now seems unlikely next year.
For the broader world economy though, lower Oil/energy prices.... Bullish!
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As for China... already 3% higher this month...
China, monthly
...headed for the 3500 level. I really believe keeping an eye on the broader world equity markets can help put the US market moves in perspective.
Goodnight from London