US equities opened very significantly lower, and after an attempt that saw the SPX come close to turning positive, there was renewed weakness into the late afternoon, pressured by the bizarre price action in WTIC.
Indeed it was a case of Monday madness for WTIC, with the May contract (which settles Tuesday, 2.30pm EST), at -$37.63.
Indeed, it was a truly incredible and historic day in commodity land, and it will make for some sideline entertainment to see how the May contract settles Tuesday afternoon.
Volatility picked up, the VIX settling +14.9% at 43.83. I would note the break above s/t declining trend, and that argues against the notion of the sp'2900s.
Pretty evenly split.
A clear majority don't expect new historic highs this year.
Indeed, 46% believe the low is in. Only 11% expect a broad collapse. For the record, I would be surprised if we don't at least challenge the 2100/2000 zone, and in theory, that should be within 2-3 months.
|It was just another day... in the twilight zone.|
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Goodnight from London
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