US equities opened in minor chop mode, and soon leaned a little weak. With the early pricing for Peloton IPO offering $26/25s, the market turned moderately lower to 2963. There was yet another latter day recovery to turn fractionally positive in the closing hour, but settling -7pts to 2977.
Volatility saw a mixed day, with the VIX printing a high of 17.09, and settling +0.7% at 16.07. S/t outlook favours further equity cooling to the sp'2920s, which would arguably sync with VIX 19/20s.
More failing garbage
The cheerleaders were naturally rather pleased with the opening bell at the Nasdaq...
Peloton (PTON) eventually opened at $27.00, saw an early high of $27.98, a closing hour low of $24.75, with a micro rally to settle -11.2% at $25.76.
1min candle chart
On any basis... it was a gross failure, with most other recently listed stocks - such as SDC, CHWY, and NET, similarly getting the smack down.
It is the case that Mr Market is increasingly intolerant of tier'1 loss making corporate garbage. This is perhaps one of the healthiest signs we've seen in some years. We actually have a market that is discriminating against newly listed companies that don't turn a profit.
Extra charts in AH (usually around 5pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
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