US equities opened moderately lower to sp'2675, but that was all the bears could muster. The market rather quickly turned upward, and battled steadily upward into the early afternoon. VIX saw a morning high of 21.14, but with equities seeing a significant upward swing, the VIX cooled back under the key 20 threshold.
Its difficult to be certain if last Friday morning's low of 2647 was a key higher low. It sure didn't feel like it, but the retrace was large enough in price and time. What does seem highly probable is a push into the 2800s this month. If the fed raise rates March 21st - as still seems due, it will help inspire broader capital market confidence for the spring/summer ahead.
I recognise a fair number of you are seeking a break of the Feb' low of 2532, and downward to the 2400s.. or even lower. The question I'd merely ask... what was your year end target for 2017 in Jan'2017?
|There is no sunshine in my world|
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Goodnight from London
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