Wednesday swings

US equity indexes closed broadly weak, sp -15pts at 2749. The two leaders - Trans/R2K, settled -1.7% and -0.5% respectively. VIX settled +5.4% at 17.23. Near term outlook offers a little Thursday weakness, before building a floor ahead of next Wednesday's rate hike.


sp'daily5

VIX'daily3

Summary

US equities opened moderately higher, and just like the previous two days, saw an early high, and then rolled over. Last Friday's gap of 2752/38 has been almost fully filled. There was significant weakness within industrials, with the mighty Dow settling -1.0%.

Volatility climbed for a third consecutive day, having seen the 17s. Its possible we'll briefly see the 18/19s tomorrow. No VIX above the key 20 threshold looks viable for the remainder of this week.
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Meanwhile...

I might have some things to say on that appointment another day.
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One week until spring... and a rate hike.

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... and finally...



The historians of the 24th century will look back with great admiration for Prof' Hawking.
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Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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