Wednesday 22 November 2017

Thanksgiving break

US equity indexes closed fractionally mixed, sp -1.9pts at 2597. The two leaders - Trans/R2K, settled +0.1% and -0.1% respectively. VIX settled +1.5% at 9.88. Near term outlook offers some cooling, with a basic target of sp'2589/82. More broadly, the 2640/50s appear probable before year end.




US equities opened in minor chop mode, with two notable new index historic highs in the Nasdaq comp' and R2K. There was a touch of weakness in the afternoon.

Volatility broke a new cycle low of 9.32, and settled in the upper 9s. A little burst to the 11/12s would not be a surprise. More broadly though, the key 20 threshold looks out of range for the remainder of the year. We've not seen a year without VIX >20 since 2005.

A windswept November's late afternoon

Extra charts in AH (usually around 7pm EST) @

For my American readers out there... Happy Thanksgiving. To the rest of you.... enjoy the day off.

Goodnight from London

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