Wednesday 6 May 2020

Most horrific data point ever

US equity indexes mostly closed on a weak note, sp -20pts (0.7%) at 2848. Nasdaq comp' +0.5%. Dow -0.9%. The Transports settled -1.4%. Near term outlook offers problems into the weekend.




US equities opened a little higher, which was kinda bizarre considering the ADP data. The gains were shaky though, with the market briefly turning negative.

The April ADP jobs data...

Employment data from ADP came in at -20.2M. On any basis, it was the most horrific data point ever. I guess some of the mainstream cheerleaders will already be looking to tout 'May came in at only 15M... a distinct improvement, a sign of the recovery!'. Yeah, you know some of them already have that sound bite drafted out.

The afternoon saw considerable chop, but leaning distinctly weak into the close.

Volatility printed 31.68, but leaned upward into the close, the VIX settling +1.5% at 34.12. The remainder of the week should favour the equity bears.

Sunset in the city of traumatised sheep

Full moon...well, almost (99.3%).
Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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