It was another very dynamic day in the US equity market, with the sp'500 fractionally breaking the Jan'20th low, flooring at 1810, and settling -22pts @ 1829. Near term outlook offers a bounce into the 1900s, but broadly.. the 1600s look a rather comfortable target this spring.
Suffice to add... another short term bounce looks due, but broadly.. this market is clearly broken.
We're headed to the low 1600s.. and will likely see the VIX 40/50s in March/April.
The real issue is what the names of the mini black swans will be this spring... CHK, FCX, TCK, SDRL, RIG, Glencore, or perhaps a financial with the initials DB?
Market/econ chatter from Schiff
Friday has a wheel barrow of econ data... retail sales, import/export prices, bus' inventories, consumer sent'.
*Fed officials Kaplan and Dudley are on the loose, and Mr Market will be listening.
Goodnight from London