US equities saw another day of fractional chop. It was notable that the NYSE comp' broke a new historic high of 12834, making it a day for the bulls. VIX clawed higher for a third consecutive day, settling in the mid 10s. At most, a sporadic burst to the 11/12s is due, but is far more likely next week.
The US equity record highs have become part of almost every Trump speech/comment. If he takes credit for the gains, what will happen when the market does (eventually) see a retrace of 5, 10, or 'ohh the humanity' 15/20% ?
For those that regularly watched the campaign rallies across 2015/16, they should be well aware of how Trump is contemptful against the shortside traders. Do not be surprised if he comes to blame them for any 'drama' in 2018.
|Another cold day in London city|
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Goodnight from London
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