Tuesday, 21 November 2017

The 2600s

US equity indexes closed broadly higher, sp +16pts at 2599 (intra high 2601). The two leaders - Trans/R2K, both settled higher by 1.0%. VIX settled -8.6% at 9.73. Near term outlook offers subdued price action across pre-Thanksgiving Wednesday and the Friday half-session. The original year end target of 2683 is just about within range.




US equities opened moderately higher, and built broad gains into the afternoon. There was a quartet of new index hist' highs in the sp'500, nasdaq comp', dow, and r2K. Market volatility was naturally ground lower, with the VIX settling lower for a fourth consecutive day in the mid 9s.

The original year end target of 2683...

Today's high of 2601 was just 82pts (3.2%) shy of my original target, a number that was derided by everyone at the start of the year.

The real irony of today was Goldman...

If commodities break upward (look for CRB >197s), then 3k will be seen within spring 2018. But hey, few want to hear that.

Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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