Wednesday 7 March 2018

Ohh the horror, Cohn exits

US equity indexes closed moderately mixed, sp -1pt at 2726. The two leaders - Trans/R2K, settled -0.2% and +0.8% respectively. VIX settled -3.3% at 17.76. Near term outlook offers upside into the weekend. More broadly, a March 21st rate hike should help to give renewed confidence to the capital markets. Higher. Rates. Are. Bullish.  Or maybe you'd like to short BAC, MU, X, INTC, GILD...




With Cohn following through with his threat to leave if any tariffs, overnight futures were lower by around -1.5%, but the market only opened moderately weak, and the equity bears simply couldn't achieve much. The market floored at 2701, as buyers were naturally attracted to the 2700 threshold... and the more cautious shorts closed out. The late afternoon saw a gradual recovery, with the R2K notably closing higher for a fourth day.

VIX saw an opening high of 20.49, and from there, went right back into melt mode, settling lower for a fourth consecutive day.

Seriously, did you really think the exit of Cohn from the Trump admin' would merit sustained/significant downside? Are you reading a little too much of the cesspool that is Zerohedge, or getting wrapped up in the mainstream hysteria chatter that is CNBC?


The opening shot alone merited the Oscar for Deakins.

Extra charts in AH (usually around 7pm EST) @

Goodnight from London

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