Friday 4 September 2020

Into the long weekend

US equity indexes mostly closed on a weak note, sp -28pts (0.8%) at 3426. Nasdaq comp' -1.3%. Dow -0.6%. The Transports settled +0.5%.




The day began with the US President appearing in pre-market...

US equities opened moderately positive, but the gains were shaky from the start. The Nasdaq quickly spiraled, and the rest of the market duly followed.

This morning's messy open no doubt annoyed the maximum number of Robinhood and Wallstreetbets lunatics who are still resolutely 'buying the dip'. Mr Market managed to not only suck in the more careless, but then to washout even the more resilient bulls.

For those using margin, it was not the best of days...

"Everything burns" - The Dark Knight (2008)

The afternoon saw choppy upside from a low of 3349 to 3455, and settling -28pts (0.8%) to 3426. Volatility printed a new cycle high of 38.28, cooling back to settle -8.5% to 30.75.

Summer continues to fade
Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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