sp'daily5
VIX'daily3
Summary
It was another day of struggle for the US equity market. Tech lead the way lower once again, although the rest of the market never saw anything more than moderate weakness. Further, the Dow and Transports were net higher (if only fractionally) for much of the day.
I can understand that some are getting rather twitchy, but after a strong August, do the equity bulls really have anything to prove? The answer is clearly no, and any recessionary talk is to be dismissed as crazy talk.
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Bonus chart: Germany, monthly
The DAX is currently -3.3% at 11955. This is clearly a very borderline situation. Any sustained price action <11900 would merit alarm bells. NIRP policy via the ECB is destroying the EU financials, not least Deutsche Bank (DB), which is set to get kicked out of the STOXX 50.
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The 1970s were a simpler... and more fun time...
RIP Bandit.
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Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
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