Wednesday 17 July 2019

Transports whacked

US equity indexes closed on a broadly weak note, sp -19pts (0.6%) at 2984. Nasdaq comp' -0.5%.  Dow -0.4%. The two leaders - Trans/R2K, settled -3.6% and -0.7% respectively.

Transports, daily



Whilst the broader market leaned weak, the Transports was powerfully lower on Wednesday, dragged lower by CSX. The irony is that the double miss in EPS/Rev' was only marginal, earnings weren't that bad. The closing hour saw equities break a new intraday low, and that was before the massive miss in Netflix subscriber growth!

Volatility remains subdued, with the VIX settling 8.6% at 13.97. The s/t cyclical setup favours the bulls, although the bigger daily equity and VIX cycles both threaten sig' downside into next week.

Extra charts in AH (usually around 7pm EDT) @

Goodnight from London
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