2pm update - mainstream complacency

Despite an array of lousy earnings, the mainstream remain very confident that US equities will broadly continue to climb in the weeks and months ahead. This is currently reflected in the VIX, which is very subdued in the low teens. Even a brief foray to the key 20 threshold looks difficult.


Nasdaq comp' daily

VIX, weekly

Summary

As things are, VIX might manage a fractional net weekly gain, having clawed up from the Wed' low of 12.50.

Even if sp'2050/40s next week, that won't be enough for sustained action above the key 20 threshold.
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notable weakness, miners, GDX -2.7%, with Gold -$19, and Silver -0.5%.

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Meanwhile.. here in London city....

I'll miss tower bridge.. it was always a favourite of mine.
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