sp'daily5
VIX'daily3
Summary
US equities opened on a weak note, and after a late morning bounce to fill the opening gap, the afternoon saw renewed cooling.
Trump appeared in late afternoon...
... and not surprisingly, once again called for lower rates.
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Volatility was itself a little choppy, but with equities leaning weak into the close, the VIX settled +3.7% at 17.50. S/t outlook favours downside to the sp'2860/50s, which should equate to VIX 20/21. An eventual break <2822 will offer a test of the June low of 2728, which might offer a VIX hyper spike >30.
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| The waning moon |
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Goodnight from London
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