Italian concerns

US equity indexes closed broadly lower, sp -31pts (1.2%) at 2689. The two leaders - Trans/R2K, settled -1.3% and -0.2% respectively. VIX settled +28.7% at 17.02. Near term outlook offers a floor around sp'2671, before resuming broadly upward to the 2800s.


sp'daily5

VIX'daily3

Summary

US equities opened moderately lower, spooked by geo-political chatter, with rapidly rising bond yields in Italy. The market saw an opening reversal, but that bounce was quickly reversed, breaking sig' lower into the afternoon.

Volatility was naturally higher, with the VIX pushing into the upper 18s. Near term outlook offers an equity floor from around sp'2671, before resuming upward into and across June. The 2800s very much remain on the menu.

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