Wednesday, 12 November 2014

Daily Wrap

US equities continued to break another trio of new index highs, with sp' 2041, Dow 17638, and Trans 9104. A retrace to the sp'1980/50 zone looks very likely, but that will likely be all the equity bears get in the remainder of the year.


sp'daily3 - fib levels


Little to add, on what was a very quiet day. I've added a fib' chart, and its kinda interesting to see the 61% fib retrace at the Aug' low of 1904, but really, that looks almost impossible to hit.. its a very significant 7% lower.

VIX daily'3

A new up wave in the VIX is way overdue... but 18/20 at most, before year end. The 30s now look an extremely long way up... and I can't believe that high will be surpassed for many months.

Looking ahead

There is wholesale trade data (10am), but really, few will have much interest in that.

Goodnight from London