Wednesday 30 October 2019

Rate cut three

US equity indexes closed mostly positive, sp +9pts (0.3%) at 3046. Nasdaq comp' +0.3%. The Transports settled -1.8%.




US equities opened in minor chop mode, and leaned a little weak ahead of the fed.

Early morning saw ADP jobs of 125k, with Q3 (first print) of 1.9%. Both are indicative of m/t economic weakening from late 2018. 

... for historical posterity.

At 2pm, the fed cut rates for a third time by -25bps to 1.50/1.75%.

Powell danced the fine line, and it was enough for the SPX to break a new historic high for a third consecutive day of 3050. There was some subtle closing hour cooling.

Volatility remained subdued, and with equities leaning mostly upward, settled -6.6% to 12.33.

Autumn sunshine

Next full moon is Nov'12th
Extra charts in AH (usually around 5pm EDT) @

Goodnight from London
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