Thursday, 1 June 2017

Another month endeth

US equity indexes ended the month on a fractionally mixed note, sp -1pt at 2411 (intra low 2403). The two leaders - Trans/R2K, settled u/c and -0.1% respectively. VIX settled +0.3% at 10.41. Near term outlook offers the sp'2420/30s by mid June, when the fed will raise rates.




... and May comes to a close.

Today saw some moderate equity swings, with an early low of sp'2403 - fully filling the minor gap of 2409/04, with a rather choppy latter day recovery.

It was unquestionably a month for the equity bulls, with new historic highs in the Nasdaq comp' and sp'500. Most other world markets also saw significant gains, but I'll cover that this weekend.

Market volatility remains broadly subdued, even the low teens look out of range, unless the market trades back under 2400, but that is now first big support, and will very likely hold into mid June.

Dr Doom, aka Faber, was on the lunch time show on clown finance TV...

He did seem to have an issue with Nvidia. I can understand that some would call it a bubble, but then, you could have called it a bubble when it broke resistance of the $36s in spring 2016, and that is now a bizarrely long way down.

I like Faber, he is always entertaining, and much like myself... he isn't actually that bearish! The guy is heavy long equities, via select stocks within the EU and emerging markets.

May was a bullishly green month.

As ever.. extra charts in AH @

Goodnight from London