Friday 13 March 2020

Friday the 13th

US equity indexes closed very powerfully higher, sp +230pts (9.3%) at 2711. Nasdaq comp' +9.3%. Dow +9.4%. The Transports settled +9.4%.




US equities opened powerfully higher, but the gains were shaky from the start.

Trump appeared...

... and duly took another swipe at the Fed, effectively calling for neg' rates. It remains the case that low/neg' rates will destroy the US financials, just as it has the Japanese and European once.

The afternoon saw Trump declare a national emergency, with equities seeing a hyper spike into the weekend.

Trump shaking hands with as many CEOs as possible.

Volatility broke a new cycle high of 77.57, but with equities seeing a secondary wave upward, VIX settled -23.4% at 57.83. Near term outlook still offers further downside to the Dec'2018 low in the mid 2300s.

Note the Iridescent cloud on the upper side.

Iridescent cloud

The border into the UK remains wide open

A little peace, whilst the panic buying continues
Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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