sp'daily5
VIX'daily3
Summary
With positive equity futures, the US President duly appeared in pre-market...
It is the case that Trump is a 'fair weather' market poster. If the screen is green, we can expect something... but if its red... radio silence.
US equities opened very significantly higher, and built powerful gains to sp'3153. A sporadic 'spooky news' Corona headline saw the market plunge to 3076, but with a secondary wave higher into the afternoon to 3140.
Meanwhile...
Powell spent 2.5hrs with the US Senate. There was the usual fedspeak, with Powell arguing the current balance sheet >$7.169trn is not a threat to stability.
The afternoon saw increasing chop, with some moderate cooling in the closing hour.
Volatility held up relatively well, the VIX settled -2.1% to 33.67. Today's black equity candle bodes bearish for at least part of Wednesday... much as last Friday's did.
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Goodnight from London
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