US equities were somewhat wild even before the market opened, with the SPX swinging from around +8pts to -20pts. The market opened moderately weak, but then battled upward to fractionally positive with the Powell press release/statement.
At 10.57am EDT, the US President decided to get involved...
Its a rather incredible tweet, but also somewhat disturbing.
Q. If you were Powell, what the hell would you make of it? You're effectively being equated to the leader for what is (arguably) an enemy state.
A serious question, might Powell just quietly walk away before year end?
The FOREX market took this as alluding to an announcement that the US Treasury will actively try to weaken the dollar.
The afternoon saw continued weakness, with few (understandably) wanting to 'buy the dip' ahead of the weekend. The closing hour printed 2834, and settling at 2847.
Volatility swung from 16.04, to spike above the key 20 threshold, settling +19.1% at 19.87. S/t outlook threatens a Monday gap open <sp'2822, which would offer a test of the June low of 2728.
|Gold, Silver, and the miners ascending into the weekend|
|No sunset for the equity bulls|
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
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