sp'daily5
VIX'daily3
Summary
US equities began on the week on a subdued note, mostly as it was Columbus day.
Volatility was itself subdued, with the VIX settling -6.5% at 14.57. S/t outlook offers an eventual tag of (at least) the upper end of secondary downside gap to 2911. Considering Friday is OPEX, that might not occur until next week.
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Your views
It is fascinating to see that a clear majority expect an upward break.
In terms of most favoured asset class, we have an effective tie between equities and the precious metals. Bonds are still overlooked by many, and if you believe yields/rates will broadly fall into/across 2020, bonds have to seen as mid/long term super strong.
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Goodnight from London
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