Friday 4 October 2019

Climbing into the weekend

US equity indexes closed significantly higher, sp +41pts (1.4%) at 2952. Nasdaq comp' +1.4%. Dow +1.4%. The Transports settled +1.0%.




US equities saw a pre-market swing from around -9pts to +7, on what was arguably perceived as 'semi-Goldilocks' jobs data. The BLS offered net September gains of 136k, with a headline jobless rate of 3.5% I'll leave you, dear reader, as to whether that merits as a 'booming economy' - as Kudlow et al, continue to tout.

Trump chimed in...

.. and later appeared...

Trump's China talk helped push the SPX to new highs, with a high of 2953 in the closing hour, and settling at 2952.

Powell, along with a wheel barrow of other fed officials, appeared in the afternoon...

In Dec'2018, Powell was confidently touting 2-3 rate hikes in 2019. It remains bizarre how almost everyone is still giving any degree of credence to Print Central. Whether its their general outlook on the economy, or their interest rate and balance sheet intentions, they are often grossly wrong.

Volatility melted lower into the weekend, settling -10.9% at 17.04. S/t outlook offers another equity rollover, and the issue will then be whether the spike low of 2855 is broken under, or a higher low.

Extra charts in AH (usually around 5pm EDT) @

Goodnight from London
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