sp'daily5
VIX'daily3
Summary
US equities opened in minor chop mode, but turned lower as bond yields broke new cycle lows. The spx saw a low of 2787, followed by a latter day recovery, settling at 2805. Volatility was a little twitchy, swinging from the mid 14s to 16.71, and settling +3.2% at 15.15.
Another loss maker IPO
This Friday morning, Lyft (LYFT) will be listed on the Nasdaq. That will garner a great deal of attention from the mainstream cheerleaders, who are rather desperate to see a major IPO proceed without any problems. As a company though, Lyft is just another loss maker...
Of the other four names on that list, things never turned out so great for GRPN or SNAP. As Friday is end month/Q1, there will be at least some degree of 'window dressing', and that will likely favour the equity bulls.
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Goodnight from London
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