Friday 5 July 2019

Bad good news

US equity indexes mostly closed on a weak note, sp -5pts (0.2%) at 2990. Nasdaq comp' -0.1%. Dow -0.2%. The two leaders - Trans/R2K, settled -0.4% and +0.2% respectively.




US equities opened moderately weak, on the twisted mainstream notion that good jobs news was actually bad news.

This is indeed one twisted era, and its only getting more twilight zone crazy with each day.

Trump must have noticed equities were lower, and took yet another swipe at the Fed...

Equities clawed back upward into the afternoon, with some minor chop into the weekend. Volatility naturally picked up, with the VIX peaking at 14.47, and settling +5.6% at 13.28. 

I called a vote in the morning...

... and its interesting to see two thirds not expecting rate cut'1. For the record, I do still see a 25bp cut at the FOMC of July 31st.

A fine summer's evening
Extra charts in AH (usually around 7pm EDT) @

Goodnight from London
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