Choppy start to the week

US equity indexes closed on a fractionally positive note, sp +2pts at 2584. The two leaders - Trans/R2K, settled +0.2% and u/c respectively. VIX settled +1.9% at 11.50. Near term outlook offers further moderate chop, with last week's low of sp'2566 appearing very secure. The 2600s are clearly viable before next week's Thanksgiving break.


sp'daily5

VIX'daily3

Summary

US equities opened moderately weak (pressured via Asian/EU markets), but the bears were even weaker than usual, with some indexes turning positive in the 10am hour. The rest of the day was rather tedious micro chop.

The VIX saw a pre-market high of 12.18, notably 0.01pts below last week's cash market high. The 9/8s appear probable into next week's Thanksgiving break. Indeed, with a holiday break on the horizon, the market will be inclined for a great deal more of what we saw today. Clearly, underlying price pressure is still to the upside, and the 2600s are absolutely viable by next Wed/Friday.

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As the fed might say... transient grey gloom rolling in, to conclude a rather cold November's day in London.

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Goodnight from London
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