Settling July positive

US equity indexes settled July on a broadly positive note, sp +13pts (0.5%) at 2816. The two leaders - Trans/R2K, settled +1.3% and +1.0% respectively. Near term outlook offers renewed sig' cooling to the sp'2760s, which should equate to VIX 15/16s. New historic highs (>2872) look probable in August.

sp'daily5

VIX'daily3

Summary

Equities ended the month on a broadly bullish month. Today was arguably just a bounce within a s/t cooling wave from 2848, that should see the sp'2760s (with VIX 15/16s). Volatility was in cooling mode, settling in the upper 12s.

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Goodnight from London
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