Tuesday 5 May 2020

WTIC inspired equity gains

US equity indexes closed broadly higher, sp +25pts (0.9%) at 2868. Nasdaq comp' +1.1%. Dow +0.6%. The Transports settled +0.8%.




US equities opened significantly higher. Partly, it was cyclical, partly stronger European markets, and partly it was due to higher WTIC.

The US President duly chimed in...

Whilst higher prices are helping to juice equities - especially energy stocks upward, the $24s won't be enough to prevent mass sector bankruptcy. To avoid that... the US Govt', or rather the Fed, are going to need to fund yet another bailout.

The afternoon saw increasing chop, with the closing hour seeing some distinct cooling to 2863, as the market was s/t cyclically over-stretched.

Volatility was in melt mode, the VIX settling -6.6% at 33.61.

A fine... if chilly (9c/48f) evening in the city of lockdown

Remaining a rare sight

Early evening moon.. as the sun sets

Full moon Thurs' May 7th
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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