Some swings to end the week

US equity indexes closed moderately weak, sp -3pts, @ 2169 (intra range 2187/60). The two leaders - Trans/R2K, settled lower by -0.5% and -0.2% respectively. VIX settled +0.1% @ 13.65. Near term outlook is for renewed upside past the Labor day holiday (Sept'5th) into the sp'2200s.


sp'daily5

VIX'daily3

Summary

Yellen placated the market in early morning with the usual fedspeak, and after a little chop the market had climbed to sp'2187. Yet..  Fed official Fischer's appearance on clown finance TV gave the market the excuse for a significant swing lower. The sp' tested the lower daily bollinger @ 2160, with a closing hour moderate recovery.

Despite the 27pt downward swing, the VIX only managed a high of 14.93, and with the closing hour recovery, it cooled back to the mid 13s. Broadly the key 20 threshold still looks at least another month away.

Goodnight from London
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Fed/market chatter from Schiff



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*the weekend post will appear Sat' 12pm, and will detail the US weekly indexes