Thursday 4 June 2020

A place to get stuck

US equity indexes closed rather mixed, sp -10pts (-0.3%) at 3112. Nasdaq comp' -0.7%. Dow +0.05%. The Transports settled +1.4%.




US equities opened in chop mode, leaning increasingly weak into late afternoon. From a new intraday low of sp'3090, there was a mini ramp into the close.

Meanwhile... Laggard of the ECB announced €600bn more in printing...

I would note the various 10yr bond yields. It remains a wonder why the superior economies of Germany and France have worse yields than Spain or Italy. In any case... more printing from the ECB will do nothing other than mask/paper over the underlying/systemic problems.

Volatility was subdued, the VIX settling +0.6% at 25.81. The sp'3130/36 zone would be a natural place to get stuck, but for now, there is zero clarity of a s/t ceiling/turn.

Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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