US equities closed a little weak, sp -4pts @ 2104 (intra high 2114). The two leaders - Trans/R2K, settled -0.3% and +0.5% respectively. Near term outlook is for renewed equity weakness, and if the 200dma (2070s next week) can be closed under, there is empty air to the giant 2000 threshold, which would equate to VIX in the low 20s.
.. and another week at the twisted casino comes to a close.
Suffice to say... a week and month for the equity bulls... but there remain an increasing number of little econ/financial tremors out there.
Market remains paranoid about a rate rise, but if I'm right about equity weakness across the Aug-Oct' period.. the Fed will be too paralysed with terror for even a 25bps increase.
As for next week, well.. I have to imagine the bears have a pretty good chance at testing the sp'2070s again. The bigger weekly VIX chart continues to warn of much higher volatility across the next two months.
*I hold long-VIX, and short-INTC, across the weekend.
Thanks for all the messages/email across the week... always good to hear from you.
Have a good weekend
*the usual bits and pieces across the evening to wrap up the day, week... and month.