spdaily5
VIX'daily3
Summary
With the market believing that 'President Macron' is a sure thing (Sun' May 7th), most world markets jumped significantly higher. Today saw the sp'500 approach big resistance of 2380/90. Regardless of any near term consolidation/chop, it does look like we'll see most indexes settle net higher for April.
With the election uncertainty out of the way, volatility collapsed, with a somewhat incredible daily close in the VIX 10s. Does anyone really think the key 20 threshold is viable any time soon?
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Germany and France soar
I recognise some (perhaps many) of you don't much care, but the implications for other markets - including the US are undeniable.
The German DAX broke a new historic high today, the door is now open to 14/15k.
The French market naturally saw the most powerful of gains... breaking the 2015 high.
A push to the 6000s is now on the menu, whether by year end or early 2018, it really makes no difference.
Goodnight from London
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