Tuesday 25 February 2020

Failed bounce, renewed horror

US equity indexes closed powerfully lower, sp -97pts (3.0%) at 3128. Nasdaq comp' -2.8%. Dow -3.1%. The Transports settled -4.3%.




US equities opened on a positive note, but the SPX stalled at 3246, and then spiraled lower into the afternoon.


It was another no-mask day for Ms. Yoon of CNBC. Whilst 30% of Chinese SMEs are reportedly back up and running (but probably not at full speed/capacity), that still leaves 70% still closed for business.

The afternoon saw equities under increasing pressure via the bond market, and further Corona headlines.

CNBC naturally wheeled out the Kudlow...

Larry is often a contrarian indicator, and his view that it won't be an 'economic tragedy' should at least somewhat concern you!

Volatility opened lower, but swung upward with renewed equity upset, the VIX settling +11.3% at 27.85. The rest of the week should be equally... dynamic!

Sunshine after the rains

Something dark is coming
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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