US equities closed moderately mixed, sp +1pt @ 2280. The two leaders -
Trans/R2K, settled lower by -0.7% and -0.3% respectively. VIX settled +1.0% @ 11.93. Near term
outlook offers a weekly close in the 2290/2300s. Further upside to the
2310/30 zone looks highly probable within 2-3 weeks.
sp'daily5
VIX'daily3
Summary
It was a day of minor chop, as the US equity market was seemingly content to just churn ahead of the monthly jobs data. Short term price momentum is moderately weak, and at the current rate, we won't see a bullish cross until at least next Tuesday.
VIX naturally remains low, and its notable the CBOE did not scrub yesterday's 9.97 flash print... the lowest VIX since Feb'2007.
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Something to stare at for at least a few minutes...
VIX, monthly, 12yr
It should be clear, VIX can stay low for a very long time... sometimes.. years.
US equities closed moderately mixed, sp +0.6pts @ 2279. The two leaders -
Trans/R2K, settled lower by -0.2% and 0.1% respectively. VIX settled -1.5% @ 11.81. Near term
outlook offers the sp'2310s, with the 2320/30s viable within 2-3 weeks.
sp'daily5
VIX'daily3
Summary
Opening equity gains, some moderate cooling, and then another latter day recovery. Underlying MACD (blue bar histogram) cycle continues to tick lower. As things are, a bullish cross is out of range until next week.
re: VIX. With the release of the fed press release, there was a flash-print in the
VIX of 9.97. Its possible that will be revoked as 'rogue' by the CBOE..
whether later today or this week. If its maintained though, it'll be the first time we've seen single digit VIX since Feb'2007.
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Now for the garbage...
Two videos for you today.
First, Hunter with a particularly kooky gold bug.. Bix Weir
Weir's notion that the world financial system and global economy revolves around the precious metals is unquestionably garbage and deluded. If you had to argue one commodity on which the modern world is founded, it would have to be Oil.
I'm actually bullish the metals and the miners, but the notion that Gold is going to 10k.. never mind 25/50/100k, is ludicrous. The gold bugs have some truly insane upside targets, and they've been in denial for years that the 'paper market' isn't 'real gold'. Its safe to assume almost none of them are aware that the futures market dates back around 4000 years to ancient Mesopotamia (see: http://bebusinessed.com/history/history-futures-trading/ )
But hey, Gold bugs don't wanna hear that. Instead, they'll launch online witch hunts against anyone who dares suggest the metals might see a short/mid term retrace.
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Second.... the infamous Dent
Dent does make some valid points, but what about capital flows into the US from less secure places like the EU ? Very few take account of such issues these days. Martin Armstrong remains one of the exceptions, and I'd still outright recommend anyone to follow him.
What about the issue of 'if the bond market has seen a multi-decade peak, then equities will be even stronger?' I sure don't see hardly anyone talking about that.
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Ohh, and yes... I sometimes link to many of the gold bugs, and deflationary doomers like Dent. But then, I do like to keep up to date with those who hold very different views.
US equity indexes closed moderately mixed, sp -2pts @ 2278. The two
leaders - Trans/R2K, settled -1.5% and +0.7% respectively. VIX settled +0.9% @ 11.99. Near term
outlook offers upside into the sp'2300s. The broader outlook remains
powerfully bullish, as the US and most other world markets settled
significantly net higher for January.
sp'daily5
VIX'daily3
Summary
US equities saw a second day of moderate weakness, but there was a distinct latter day recovery... much like yesterday.
Notably, the VIX still fell shy (if only by 0.01pts) of the low teens. If equities push back into the 2300s - as seems due, VIX 10s look due once more.
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January 2017 was a stark contrast to January 2016.
sp'monthly3c
Whilst Jan'2016 saw a net monthly decline of -103pts (5.1%) to 1940, this month saw a net monthly gain of 40pts (1.8%), settling at 2278, having recently seen a new historic high of 2300.
As ever.. one month does not maketh a year, but its an unquestionably strong start for the equity bull maniacs.
