sp'daily5
VIX'daily3
Summary
The last month of the decade began with a couple of market related messages from the US President...
It is certainly the case that Trump would like a weaker USD. However, the Fed have nothing to do with that (directly), and its actually the job of the US Treasury.
He continued...
Make of the above... what you will.
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Equities opened a little higher, but the gains were shaky. With the ISM manu' printing a recessionary 48.1 vs 48.3 prior, that didn't help, and equities spiraled lower to 3110. The afternoon saw a bounce, but that was relatively weak, with the closing hour seeing renewed downside.
Volatility spiked, with the VIX printing 15.27, and settling +18.1% at 14.91.
In AH... Trump resumed...
Again, Trump sure doesn't like the broadly strong USD, and took a rather fierce swipe at the Fed and Powell. Who was it that appointed Jay 'ridiculous policies' Powell?
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Pushing out the reacceleration
In March of this year, the mainstream cheerleaders were relentlessly touting a 'second half recovery'. That has now been pushed out to a 'reacceleration in Q2 of 2020'.
Farley "Is a recession possible next year?"
Orlando "Err... no!".
That is a pretty bold call. Regardless, the point stands, the mainstream never did get their H2 recovery, and instead are now hoping for something in Q2 of 2020.
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Today's political mail...
... both pieces were from the Liberal Democrats. Once again, they are trying to make Johnson look bad, with an association to Trump. The mainstream are currently expecting a Johnson victory, but they are the same people who never saw the original BREXIT vote coming, or anything of significance in recent years.
Meanwhile... a rather disturbing story...
https://www.mirror.co.uk/news/politics/uk-ministers-talks-drugs-giant-20967881
It would seem Johnson/Conservatives have already been trying to arrange a provisional agreement between the Trump admin' and various US healthcare corporates. So... worse case, UK drug prices soar, perhaps ten fold. You can call it whatever you like, I call it morally contemptible.
*The UK election is Dec'12th, and yours truly has already voted.
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| Winter sunshine |
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| Full moon is Dec'12th |
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk
Goodnight from London
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