Friday, 22 May 2015

11am update - minor equity chop

US equity indexes remain seeing minor chop... ahead of the Yellen (1pm). Relative to the strong USD, +0.8% in the DXY 96.00s, equities are holding up very well, a net weekly gain still appears likely for most indexes. Metals are back to flat, whilst Oil is -1.0% (intra low -2.0%).



*VIX -1%.. hitting a new multi-month low of 11.91..., the lowest level since Dec'5th 2014 (11.53).

Market appears very content to be in minor churn mode ahead of the Yellen.

Trading vol' is increasingly light of course ahead of the holiday.. and that will certainly favour the equity bulls.

notable strength: AAPl +1.0% in the $132s...

...with the Nasdaq comp' just 0.6% away from breaking the March' 2000 high of 5132.

It remains somewhat bizarre how many are still dubious of much higher levels in the US market.. not least as other world indexes continue to climb.