US equities opened a little weak, flooring at sp'2450, with a moderate latter day recovery, clawing slowly upward into the close. Short term price structure offers a baby bear flag, and the market really should cool by 25pts within the next two days.
Market volatility remains broadly subdued, with the VIX settling fractionally higher, but still stuck in the 9s. If sp'2435/25 zone... VIX 12s.. on a stretch. Even the 13s look out of reach this week.
I was going to end the day with a mini rant about the 'biggest and brightest' - as inspired by one of my twitter followers, but Oscar Carboni's latest video has swayed me to briefly highlight the issue of word games.
Do you notice how the word 'prediction' is almost taboo these days?
Instead, people use all manner of synonyms: outlook, forecasts, scenarios, 'best guess', or in the case of Mr Carboni... a 'projection'.
I was never one for word games, I call things as I see it, regardless of whether it might piss off some of you, not least the infamous 'gold bugs'.
Even someone like Martin Armstrong - whom I'd suggest anyone to at least periodically follow, appears too fearful to use the P word. Instead, he goes with the F word.
Yours truly endeavours to provide the best 'predictions' out there. Some turn out real good... some not so good, but yes.. they ARE predictions. If you'd prefer I use the term 'projections' or 'forecasts'.... you're at the wrong site.
*If you are curious to see the original comments between myself and Mr C, see https://youtu.be/C9OF6RS5zP8
Here in the metropolis..
As ever, extra charts in Ah @ https://twitter.com/permabear_uk
Goodnight from a PREDICTIVE London