sp'daily5
VIX'daily3
Summary
US equities opened in minor chop mode, but then leaned weak into the late afternoon. Comments from Bullard - that a 50bps cut in July would be 'overdone', didn't help.
Volatility picked up, with the VIX settling +6.7% at 16.28. Daily momentum is set to turn positive within 1-2 days, and that does offer a push to the key 20 threshold, and that would clearly bode for sig' equity downside.
Meanwhile... the US President continues to tout equities, and thanks himself for this.
As noted yesterday, it won't take much more than a 4-5% cooling wave to see Trump riled up, and calling for Powell to be replaced by uber-doves Bullard or Kashkari.
--
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
--
If you value my work, subscribe to my intraday service.
For details and the latest offers, see: permabeardoomster.com
