It was a day of moderate swings, seeing a low of 2737, but then battling upward into the close, settling at 2755. Volatility was itself subdued, settling just under the key 20 threshold. S/t outlook offers a spike in the VIX, with some equity cooling. More broadly though, the sp'2800s with VIX in the mid teens is due.
Bonus chart: Germany, monthly
We're only four trading days into the month, but its notable that the DAX is currently +0.3% at 11484. The index/market is m/t bearish, having lost the l/t trend from the 2009 collapse lows. Its very difficult to see the US market breaking new historic highs if German equities don't recover.
Wednesday will be open day at http://subscriber.permabeardoomster.com
For the non-subscribers out there, you will be able to follow my semi-coherent ramblings across the day. It should be interesting, as we'll have the market responding to the midterm election results.
First post: pre-market brief, no later than 8.30am eastern.
|Summer is a faded memory|
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Goodnight from London
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