Transports, daily
VIX'daily3
Summary
Whilst the broader market leaned weak, the Transports was powerfully lower on Wednesday, dragged lower by CSX. The irony is that the double miss in EPS/Rev' was only marginal, earnings weren't that bad. The closing hour saw equities break a new intraday low, and that was before the massive miss in Netflix subscriber growth!
Volatility remains subdued, with the VIX settling 8.6% at 13.97. The s/t cyclical setup favours the bulls, although the bigger daily equity and VIX cycles both threaten sig' downside into next week.
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Goodnight from London
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