Monday 13 January 2020

But the story is this

US equity indexes closed moderately higher, sp +22pts (0.7%) at 3288. Nasdaq comp' +1.0%. The Transports settled +0.8%.




The equity week began on a positive note, with the SPX battling upward, with a micro ramp into the close, to break a new historic high (if fractional) of 3288.


CNBC recognising that even the 'money-losing companies' are also continuing to broadly rise. Spotify (SPOT) was downgraded by Evercore today, on the notion that the sector will remain unprofitable. Did they really just realise there is no money to be made in music streaming?

Regardless, it is the case that (most) of the garbage also climbs within a bull market... a natural mirror to when the best companies are dragged lower within a bear market.

Volatility naturally remained subdued, with the VIX settling -1.9% at 12.32. Tuesday will threaten a turnaround, even if the first set of financial earnings (JPM, C, and WFC) come in broadly as expected.

Yours... hyper bullish the Witcher and his Bard. Eight episodes of 100% magic.
Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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