Thursday, 5 September 2019

Further gains on trade hopes

US equity indexes closed very significantly higher, sp +38pts (1.3%) at 2976 . Nasdaq comp' +1.7%. The two leaders - Trans/R2K, settled +2.5% and +1.7% respectively. Powell is due on Friday, and that will merit some attention.




US equities opened significantly higher on yet another trade/tariff related news headline. This time it was news (or was it really just an overly hopeful speculative rumour?), that US/China officials will resume talks in October.

Volatility was ground lower, with the VIX settling -6.1% at 16.27. Friday (around 12.30pm EDT) will see Powell speak in Switzerland, and Mr market will most certainly be listening for any talk of 'mid cycle' or 'late cycle' rate cuts. As noted on the SPX and VIX charts, I do expect further rate cuts into the autumn.

Back home... into the capital of geo-political chaos

Transient serenity

Full moon is Sept'14th.
Extra charts in AH (usually around 5pm EDT) @

Goodnight from London
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