Thursday 16 April 2020

Thursday chop

US equity indexes closed rather mixed, sp +16pts (0.6%) at 2799. Nasdaq comp' +1.7%. Dow +0.2%. The Transports settled -0.3%. Near term outlook offers opex-chop into the weekend.




Despite another horrific weekly jobless claims number of 5.245M, US equities opened a little higher to 2804, saw a 40pt cooling wave, and a rebound to 2806.

Meanwhile, NY Gov' Cuomo...

We're now looking at the lockdown continuing into mid May. Understandably, many are starting to wonder just how long this (insanity) will last. The grander issue is that even when restrictions are lifted, the recovery to even semi-normalcy will be very low.

It should be clear, millions who have lost their job will have nothing to return to. Even those who will get back to work, they'll be far less inclined to travel, or spend money. The service sector will likely not recover to pre-crisis levels for some YEARS.

Volatility printed 43.02, but then cooled back, to settle -1.8% at 40.11... but hey, we're still talking about the FORTIES!

Today's departure, partly funded via the BoJ

A city of mass hysteria...and a little smoke

                 A brief moment of serenity
Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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