... and that was a rather bizarre day. US equities opened a little higher, and we saw no less than FIVE indexes break new historic highs.
11am - as is often the case, was a turn time, and the market then gently rolled over, but accelerated into the afternoon. The market was lead lower by the semi-conductors, which have seen some truly insane gains recently. By early afternoon there were clear reversals all over the place, with some stocks (such as AMZN) even seeing a flash crash...
Price action was indeed pretty wild, and the 2.30pm 'typical turn time' then marked the intraday low.
Market volatility was itself volatile, breaking to 9.37 in the morning.. the lowest print since 1993. Has the VIX ever printed 8s? With equities seeing a significant reversal into the mid afternoon, the VIX spiked to 12.11, before cooling back into the 10s.
Another equity wave lower next Mon/Tuesday is due, but no sustained action <sp'2400, as broader price action remains 'scary strong'.
Another part of the 1980s has left this world...
Dirty Rotten Scoundrels was something of a favourite, not least due to Glenne Headly. RIP.
|Post election sunshine :)|
*the weekend post will appear Sat' at 12pm EST, and will detail the US monthly indexes