sp'daily5
VIX'daily3
Summary
US equities opened in minor chop mode, and managed to build moderate gains by late morning, with the afternoon seeing further micro chop.
Volatility was itself subdued, with the VIX settling +0.5% at 15.35.
Meanwhile, the cheerleaders...
... were having a polite discussion about interest rates, and what the fed should say in its policy statement this Wednesday afternoon. The Cramer wants no mention of 'patience', but does want to hear Powell talk about 'monitoring'. A few are still looking for a 50bps cut in July, but that looks a stretch unless the market is sp'2650 or lower by mid July.
In any case, rate cut'1 is on the menu for July 31st, and whilst the initial market reaction will likely be positive, it still merits as being seen as a powerful equity sell signal.
Ohh, and whilst the week began quietly... it won't likely end that way.
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Goodnight from London
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