Thursday 14 December 2017

Thursday weakness

US equity indexes closed broadly weak, sp -10pts at 2652. The two leaders - Trans/R2K, settled -0.7% and -1.1% respectively. VIX settled +3.0% at 10.49. Near term outlook offers further weakness to sp'2646/36, before resuming upward into the Christmas break.


sp'daily5



VIX'daily3



Summary

US equities opened a little higher, and it was enough to generate a new historic high for the Dow. However, with the fed out of the way, Mr Market was tired, and melted lower into the late afternoon.

The VIX settled higher for a third day, the 11/12s look viable in the near term with sp'2646/36. The low teens look out of range unless sp<2624, which itself seems very unlikely.
--


Meanwhile...

The Scottish regional govt, are raising taxes, despite it being well recognised that GDP is sub 1.0%. This is economic lunacy. Are they actively trying to drive capital south of the border?

see: http://www.bbc.co.uk/news/uk-scotland-42356953

--

A fine winter's day in London
--
Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
--
If you value my work, subscribe to me.


For details: https://permabeardoomster.blogspot.co.uk/p/subscriptions.html