Pre-Market Brief

Good morning. US equity futures are a little weak, sp -4pts, we're set to open at 2551. USD is +0.1% in the DXY 92.80s. The precious metals are fractionally positive, Gold +$2, with Silver +0.2%. WTIC is -1.4% in the $50s.


sp'60min

VIX'60min

Summary

C' earnings were fine. EPS $1.42, like most other financials, giving a PE in the 12s. JPM results were also fine, with EPS of $1.76. Its notable that neither stock are significantly spiking on the news
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Yesterday saw an hourly equity bullish MACD cross in the closing hour. A rollover, with moderate weakness is due today. The bigger daily cycles won't offer anything significant until after the weekend.

Its notable that ANY degree of opening weakness will break short term rising trend, that goes back to the sp'2488 low. That will open up the two micro gaps of 2540/37, and 2521/19. Clearly, the latter looks out of range today, unless there is some sporadic 'spooky news', which would include any Trump comments on North Korea.

re: VIX. We're clearly on the low side, and a push into the 11/12s is well overdue.
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early movers

AAPL -0.2%, as price structure remains a bear flag
ABX +0.2%, with gold
AMD -0.4%, broadly choppy
APA -0.5% in the $41s. Barclays downgraded them to $26 yesterday.
BAC +0.1%, ahead of Friday earnings

BABA -0.4%.. but broadly super strong, headed for $200.
C +0.4% on earnings
CHK -0.5%, pressured via oil
CSCO -1.2%, s/t over-stretched
DIS -0.8%, s/t momentum is rather bearish indeed
F -1.1%, cooling after recent sig' gains

JPM -0.1% on earnings
JD +0.4%, but looks highly vulnerable to reversing today.
MU -0.7% in the $41.30s, with a notable earnings gap of 36/34.
TSLA -0.7%, broadly choppy though
TVIX +0.5%, with VIX +2.8% at 10.13
X -0.4% in the $25.10s, the 23s seem viable if sp'2474/61
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overnight markets

Its very subdued out there, and fractionally mixed...

Japan: +0.3% at 20954
China: -0.1% at 3386
Germany: currently -0.1% at 12957
UK: currently +0.3% at 7557
Spain: currently -0.1% at 10271
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Something I've just noticed appear on the schedule, Yellen is due to speak this Sunday (9am), at some conf' in Washington. Its not just her though, she'll be with the head of the PBOC, BoJ, and the vice-pres' of the ECB. That will merit serious attention, not least in terms of whether the other central banks are with her on the policy of QT that is beginning this month.

Have a good Thursday
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back at 10am...

Open day - Thursday

US equity indexes closed moderately mixed, sp +4pts at 2555. The two leaders - Trans/R2K, settled +0.5% and -0.1% respectively. VIX settled -2.3% at 9.85. Near term outlook offers a sig' break lower, as the gap zone of sp'2474/61 remains a technical necessity, before a better chance of the 2600s by late November.


sp'daily5

VIX'daily3

Summary

It was another rather tedious day in equity land, with the sp' generally trading within an exceptionally narrow 4-5pt range. There was algo-bot upward melt in the late afternoon, and it was enough to see the sp'500 break a fractional new historic high, as the indexes settled in AH.

Market volatility remains exceptionally subdued. Short term price structure in the VIX is a baby bull flag, which offers the 11/12s before the weekend. Unless there is some 'spooky news', its difficult to see the 13/14s until at least early next week.

re: sp'2474/61. It remains a 'technical necessity'. I realise some might disagree, but its no different than the July 12th gap. That took some weeks longer than expected, but it was eventually tagged/filled.
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Open day

Thursday, I will post here across the day. For you non-subscribers out there, it'll give you a glimpse of what I continue to offer each and every trading day. I can only hope that the main market livens up a bit, so as to make things at least reasonably entertaining.

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Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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The next post will appear on THIS page Thursday at 8.30am EST.

Another quartet of new highs

US equity indexes closed on the positive side, sp +5pts at 2550. The two leaders - Trans/R2K, settled higher by 0.6% and 0.3% respectively. VIX settled -2.4% at 10.08. Near term outlook still offers the basic 'technical necessity' of a gap fill of sp'2474/61, before the 2600s are realistically viable around Thanksgiving.


sp'daily5

VIX'daily3

Summary

US equities opened a little higher, and it was enough to generate a quartet of new historic highs in the sp'500, dow, nasdaq comp', and nyse comp'. Morning gains did fade though, with a few indexes turning fractionally red. There was another minor wave higher into the late afternoon.

Market volatility remains very subdued, although the VIX did notably manage a second consecutive daily settlement above the 10.00 threshold. In theory, the 12/13s look a given, but its possible we might see the mid teens, with sp'2474/61. Right now, that looks out of range until at least the middle of next week.
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... another day closer to winter.

--
Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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If you value my work, subscribe to me.

For details: https://permabeardoomster.blogspot.co.uk/p/subscriptions.html