US equity indexes closed a little mixed, sp +4pts at 2664. The two leaders - Trans/R2K, settled u/c and -0.2% respectively. VIX settled +6.2% at 9.92. Near term outlook still threatens a mini (and brief) washout in the sp'2640/30s, before resuming upward. The year target of 2683 has notably come within 14pts of being hit.
US equities opened a little higher, and by lunchtime, the sp' and dow had both broken new historic highs. S/t price momentum is on the high side, and cyclically, the setup will favour the bears, especially once the fed is out of the way.
Market volatility remains very subdued, as despite the VIX settling net higher, the 9s are clearly on the historically very low end. A burst to the 11/12s seems probable, not least if sp'2640/30s. The key 20 threshold looks out of range until well into 2018.
All my intraday posts on Wednesday will be available to everyone, and will appear on this site. Hopefully, it'll give you non-subscribers a good example of what I offer each and every trading day. Tomorrow is a fed day of course, so things should be at least somewhat 'entertaining' from 2pm onward.
|A fine winter's day in London|
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Goodnight from London
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