Equities opened moderately higher on hopes of soothing talk from Powell. The gains were shaky though, with the spx' coming close to breakeven, before swinging back upward. The Powell speech was seen as Goldilocks, with equities soaring into early afternoon.
|The usual fedspeak from the CEO of print central|
Despite strong equity gains, volatility relatively held up, with the VIX settling in the mid 18s. The VIX is often a subtle tell, and equity bulls should be concerned that the VIX did NOT confirm today's equity strength. S/t outlook offers a cooling wave into the weekend/end month.
*Bonus chart: Germany, monthly
With just two trading days left of the month, the DAX is lower for a 4th consecutive month, currently -1.3% at 11298. There is near zero sign of a floor/turn. The German market decisively broke the l/t trend in October, and looks vulnerable all the way to 8k.
Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk
Goodnight from London
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