Ending the week positive

US equity indexes ended the week on a positive note, sp +9pts (0.3%) at 2850. The two leaders - Trans/R2K, settled +0.3% and 0.4% respectively. Near term outlook is highly uncertain, as whilst we have three downside gaps, new historic highs are clearly viable next week.


sp'daily5

VIX'daily3

Summary

Equities opened a little weak, seeing a low of 2833. From there, the market battled upward. A story in mid-afternoon about US/China trade negotiations saw a mini ramp to 2855. The market makers worked their magic, with an opex settlement of sp'2850.

Volatility was broadly subdued, and melted lower into the week, settling in the mid 12s. S/t outlook offers new historic highs in the sp'500, which would see VIX cool to the 11/10s.
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Goodnight from London
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