sp'daily5
VIX'daily
Summary
For the equity bears, it was just another cruel early morning tease.. a decline of a somewhat laughable -0.6%... to sp'2040... only to reverse.. with a rather typical latter day recovery. The fact we closed a mere 4pts shy of breaking last Thursdays high, only adds to the concern that rather than a retrace.. it might merely be a case of 'straight up into the 2100s'.
I'm still not sure what to make of the early VIX action, where it briefly spiked to 15.74. I've not seen any explanation for that. I guess most will merely deem it a 'rogue print'... but exactly how does that happen? In all these years, I've never seen anyone.. mainstream or otherwise, make any serious attempt to explain the underlying cause.
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Closing update from Riley
Riley.. along with Carboni are two of the semi-mainstream.. both have been calling for the sp'2100s for a considerable time, and both look set to be right. The only issue is, what will they say when we reach their target. The 2500s?
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Looking ahead
There is no scheduled data due... Friday will merely be opex... so expect some chop, especially in late afternoon.
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Goodnight from London