Thursdays do tend to favour the equity bears, and with the mainstream increasingly concerned about almost everything, the market opened broadly weak, and spiraled to very significant declines into the afternoon.
There are the concerns about trade of course. Even BREXIT is being highlighted again, as UK PM May looks set to resign soon. Then there is the grander issue of global econ-cooling. The US/Iran issue isn't really that new (I could go back to the 1950s), but the mainstream are certainly giving it some attention.
The afternoon saw further equity weakness, with a closing hour ramp from a new intraday low of 2805, to settle at 2822.
Volatility was naturally higher, with the VIX peaking to 18.05, and settling +14.6% at 16.92. The s/t cyclical setup will favour a moderate equity bounce. The fact we have a long three day holiday break will lean to subdued price action, and that will favour the bulls.
|Fly me... to the moon|
|Another fine summer's day|
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Goodnight from London
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