Wednesday 17 May 2017

Reading around

US equity indexes closed moderately mixed, sp -1pt at 2400 (intra high 2405). The two leaders - Trans/R2K, settled -0.1% and +0.1% respectively. VIX settled +2.2% at 10.65. Near term outlook offers brief cooling to 2393/90. More broadly, a May settlement in the 2410/20s remains well within range.




It was another day for the equity bulls, with new historic highs in the Nasdaq comp' and sp'500. Some cooling to 2393/90 zone looks due, before choppy upside into this Friday's opex.

Market volatility remains very subdued, with the VIX firmly stuck sub-teens. Does anyone seriously think we'll see the VIX >20 this summer? There is simply no threat of it, other than via something 'nuclear' in Asia.

Reading around

I read around far less than I used to. As you might realise, I'm writing a great deal, and I just don't have the free time that I used to. I do however make a point of periodically browsing most of the sites/blogs I have listed on this very page.

I am still seeing a lack of capitulation. There are some notable names whom the market has yet to break. A number of infamous sites/blogs need to disappear before Mr Market is arguably satisfied. I could name names... but you can probably guess the ones I am thinking of.

Yours truly will remain bullish until the mid term trends in both the US - and most other world markets, have been broken and closed under. That looks at least 3-4 months away, if not spring 2018.

Goodnight from London