Wednesday 5 August 2020

Just another day

US equity indexes closed broadly higher, sp +21pts (0.6%) at 3327. Nasdaq comp' +0.5%. Dow +1.4%. The Transports settled +1.3%.




US equities opened on a positive note, although the latest ADP jobs data was a monstrous miss from expectations...

... and it doesn't bode well for the Friday BLS Print. Further data in early September will likely be reflective of all manner of underlying problems, which even the Fed can't paper over.


CNBC, aka... clown finance TV, are still playing their little games, with a rather overt attempt to direct attention from the ADP jobs data, by calling up Fed VC Clarida. Liesman is unquestionably 'in bed with the fed', although I guess... someone has to do it. Its good work if you can get it.

The afternoon saw considerable minor chop. With a new historic high for the Nasdaq comp', and a new multi-month high for the SPX, it was unquestionably, just another day for the equity bulls.

Volatility remained subdued, the VIX settling -3.2% to 22.99, reflective of a mainstream, with near zero concerns. After all, the Fed will solve ALL the problems, right?


Another day, another sunset
             Another day, another sunset


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

Goodnight from London

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