sp'daily5
VIX'daily3
Summary
US equities opened in chop mode, leaning increasingly weak into late afternoon. From a new intraday low of sp'3090, there was a mini ramp into the close.
Meanwhile... Laggard of the ECB announced €600bn more in printing...
I would note the various 10yr bond yields. It remains a wonder why the superior economies of Germany and France have worse yields than Spain or Italy. In any case... more printing from the ECB will do nothing other than mask/paper over the underlying/systemic problems.
Volatility was subdued, the VIX settling +0.6% at 25.81. The sp'3130/36 zone would be a natural place to get stuck, but for now, there is zero clarity of a s/t ceiling/turn.
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Goodnight from London
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