Thursday, 19 May 2016

3pm update - this market remains a beast

US equities remain broadly lower, but well above the earlier low of sp'2025. USD is set for a third consecutive daily gain.. as the mainstream continue to believe a rate hike is on the menu at the June FOMC... which will NOT be the case... as a deeply negative BREXIT vote looms.




*VIX set for the fifth daily gain of last seven days.

So.. yes.. many bears spooked by the usual intraday bounces.

Its likely merely a case of whether we close in the sp'2030s.. or 20s. A test of the 200dma looks due tomorrow.. or more viable.. after opex is out of way.

**it is HIGHLY notable that the Trans, R2K, and Nasdaq are already sustainably trading under their respective 200dma.

As for the beast...

'Sicario' remains one of the most tense and moody movies in recent years. If you've not seen it.... go find it!


3.24pm... well, I guess you could say we've had our back test of the broken floor of 2039/40.

Oil is no doubt still helping, +0.7% in the $48s.