sp'daily5
VIX'daily3
Summary
US equities opened a little higher, built moderate gains, and then saw micro choppy weakness into the mid afternoon. Late afternoon saw another swing upward, as Trump formally announced the Steel/Alu' tariffs.
As the capital markets continued to subtly increase in confidence, the VIX melted lower for a fifth consecutive day. It should be clear, with another set of jobs/earnings data due from the BLS, there is little concern about a repeat of the Feb'3rd equity down wave.
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| Trump with the Steel/Alu' workers |
Who could argue against fairness, right? I will add, if inflation does significantly pick up across this year, I imagine many will (at least partly) attribute such higher prices to today's announcement. Those who know their history, should be well aware of where this is likely headed.
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Goodnight from London
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