Choppy opex weakness

US equity indexes closed rather mixed, sp -6pts at 2578. The two leaders - Trans/R2K, settled -1.1% and +0.4% respectively. VIX settled -2.8% at 11.43. Near term outlook offers a little weakness to around 2572. More broadly, the 2600s are due, whether before or shortly after Thanksgiving, it should make no difference to most.


sp'daily5

VIX'daily3

Summary

US equities opened in minor chop mode, and leaned on the weaker side into the late afternoon.

Despite equities leaning weak, the VIX opened lower, and stayed negative across the day. Its arguably a sign of underlying capital market confidence. The key VIX 20 threshold looks out of range for the rest of the year. Near term offers a little equity weakness to begin next week, but not much below sp'2572.
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