Wednesday 20 May 2020

Nearing 3K

US equity indexes closed very significantly higher, sp +48pts (1.7%) at 2971. Nasdaq comp' +2.1%. Dow +1.5%. The Transports settled +3.2%.




US equities opened significantly higher, with the SPX pushing upward into the early afternoon to a new cycle high of 2980.

The above Trump tweet is indicative of increasing tensions between the US and China. Further, there was news the US senate passed a bill that might see some Chinese listed companies eventually kicked off the US stock exchange.

Meanwhile, lunacy call of the day...

Morgan Stanley's call for Moderna (MRNA) makes no sense. There is no vaccine, with the corona pandemic in the latter stage. As some recognise, such viruses mutate, and even if a vaccine (NOT treatment) is found - whether by year end, or in 2021, it will probably be largely pointless.

The afternoon saw considerable equity chop, with the SPX settling just 1.0% from giant psy'3K.
Volatility was in melt mode, the VIX settling -8.3% to 27.99.

Headed southward, as the London skies are re-filling with planes

Goldilocks... sunny 21c/70f
Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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