US equity indexes closed moderately mixed, sp -7pts at 2348. The two
leaders - Trans/R2K, settled +0.1% and -0.3% respectively. VIX settled +3.4% at 14.63. Near term
outlook is uncertain, and will be highly dependent on round one of the
French elections this Sunday. Regardless of any near term geo-political
scares, another big push to new historic highs remains due.
sp'daily5
VIX'daily3
Summary
It was a rather natural opex, with the market makers almost managing an optimal close around sp'2350/ SPY 235.00.
Volatility did lean a little higher, which is not surprising with the French election this Sunday. The key 20 threshold still looks out of range though, even if Le Pen is one of the top two candidates.
Goodnight from London
--
*the weekend post will appear Sat' 12pm EST, and will detail the US weekly indexes
US equity indexes closed broadly higher, sp +17pts at 2355. The two
leaders - Trans/R2K, settled higher by 1.7% and 1.2% respectively. VIX settled -5.2% at 14.15. Near
term outlook threatens a little weakness, with the market primed to
settle opex/weekend around 2350.
sp'daily5
VIX'daily3
Summary
The moderate swings continue, with today seeing the market managing some broad upside. A minor gap of 2353/57 was filled, Mr Market washed out the sp'2360 short-stops, before some cooling into the close.. partly due to what appears to be another Paris terror attack.
*Notably, the Nasdaq comp' is a mere 10pts from breaking a new historic high (5936). The 6000s are clearly within range before end month.
Market volatility remains naturally subdued... with the VIX back in the low 14s. The 13s are clearly viable tomorrow, but the 12s look out of range, as we have the uncertainly of round one of the French election this Sunday.
US equity indexes closed mixed, sp -4pts at 2338. The two leaders -
Trans/R2K, settled higher by 0.5% and 0.4% respectively. VIX settled +3.5% at 13.94. Near term
outlook offers chop into opex/weekend. A big push to new historic highs
in the sp'2400s looks out of range until early May.
sp'daily5
VIX'daily3
Summary
There is little to note, on what was just another day of moderate swings. Price action is set to remain choppy into this Friday's opex. Clearly, the French election (April 23rd AND May 7th) will be a cloud over US equities, as the mainstream are a little concerned that someone 'not conventional' might be elected.
Volatility itself remains naturally subdued, seeing the mid 13s in the morning, but leaning upward into the afternoon, as equities cooled.
--
One of the more kooky videos of the day...
... and that was somewhat in sync with what Fed official Rosengren was speaking about today.
The Fed will burn ALL deflationary bears
Rosengren covered a fair few things today. First, there was the issue that the fed balance sheet is due to start being reduced within a few months. However, that will surely go no lower than around 3.5 trn when the next recession hits. Then there was the issue that 'asset buying' was to be seen as the 'new norm' whenever a recession hits.
Lets be clear... the Fed will be more than willing to print TENS of trillions in the 2020s to keep the game going. The deflationary collapse scenario will simply NOT be allowed to happen.
Further, it was made clear that with a recession, rates will again be reduced to near zero. The implications for long term savers are of course dire, but hey, when did the fed/societal elite ever care about that?
