Moderate weakness

US equity indexes closed broadly weak, sp -6pts @ 2267 (intra low 2262). The two leaders - trans/R2K, settled lower by -1.1% and -1.4% respectively. VIX settled +5.7% @ 11.87. Near term outlook still offers Dow 20k, as broader price action remains strong, as reflected in a subdued VIX.


sp'daily5

VIX'daily3

Summary

US equities began the short week on a broadly weak note, especially for the two leaders - Trans/R2K. Broadly though, the market has been stuck since mid December. Arguably, ongoing price action is just consolidation in time... rather than price. Further, has everyone already forgot that the Nasdaq comp' traded at a new historic high just last Friday?

VIX opened to 12.75 in the opening 30mins, but even the low teens are still out of range. The US capital markets are super comfortable... as the US is set to see Trump take control.

Goodnight from London