Wednesday 23 November 2016

Another set of new historic highs

US equity indexes closed moderately higher, sp +4pts @ 2202. The two leaders - Trans/R2K, settled higher by 0.2% and 0.9% respectively. VIX settled -0.1% @ 12.41. Near term outlook offers a great deal of subdued chop across the remaining 1.5 trading days of this holiday week.




It was just another day for the equity bulls, with the same quartet of indexes (sp, dow, r2K, nasdaq comp') pushing further into new territory.

VIX remains naturally subdued, stuck in the low/sub teens.

A very basic retrace would be to test the 50dma - soon in the sp'2150s, but that increasingly looks out of range, as there are now just 4.5 trading days left of the month. On balance, a test of the 50dma - in the 2160/70s - just ahead of the Dec'14th FOMC, seems probable, before resuming higher into year end.

Update from a typically loud Mr C.


Indeed, Dr Copper is something that merits attention.

For those inclined, some macro chatter.. Mr Long with Rubino

Goodnight from London