US equities began the week, Q3, and the second half of the year on the most positive note possible, with the SPX breaking a new historic high of 2977. Indeed, we've now come within just 23pts of giant psy'3000. Its notable that whilst the SPX has been breaking new historic highs lately... its not been reflected in any of the other main indexes.
The opening 30/60min candle was black, and that was a subtle warning the gains were vulnerable, with the spx cooling to 2952 in the afternoon. The closing hour saw a mini ramp, as a baby bull flag played out.
Volatility was naturally knocked lower, with the VIX printing 13.80, the lowest since June 20th, and settling -6.8% at 14.06.
The Cramer returned to a new historic high, but it seems just a matter of months until he will be leading the cheerleaders, with a call for the fed to spool up the printers, in addition to rate cuts. But hey... everything is fine, right?
|A fine summer's evening|
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Goodnight from London
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