US equity indexes closed significantly higher, sp +47pts (1.7%) at 2786.
The two leaders - Trans/R2K, settled +2.6% and +1.6% respectively. VIX settled -11.5% at 14.64. The
Nasdaq comp' notably broke a new historic high, +1.8% to 7560, as the
rest of the indexes can be expected to follow this spring. Big target
remains the sp'2950/3047 zone.
sp'daily5
VIX'daily3
Summary
US equities were fractionally choppy in pre-market. The jobs/earnings data resulted in the market jumping upward, and opening moderately higher. The market built rather significant gains across the day, as the data was effectively seen as 'goldilocks'.
With strengthening equities, volatility cooled for a sixth consecutive day, with a notable flash print of 13.31 in pre-market.
Goodnight from London
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US equity indexes closed broadly moderately higher, sp +12pts at 2738.
The two leaders - Trans/R2K, settled +0.5% and -0.2% respectively. VIX settled -6.9% at 16.54. Near
term outlook offers upside into the weekend. The sp'2800s are due with a
rate hike, and more broadly... the 2950/3047 zone.
sp'daily5
VIX'daily3
Summary
US equities opened a little higher, built moderate gains, and then saw micro choppy weakness into the mid afternoon. Late afternoon saw another swing upward, as Trump formally announced the Steel/Alu' tariffs.
As the capital markets continued to subtly increase in confidence, the VIX melted lower for a fifth consecutive day. It should be clear, with another set of jobs/earnings data due from the BLS, there is little concern about a repeat of the Feb'3rd equity down wave.
Trump with the Steel/Alu' workers
Who could argue against fairness, right? I will add, if inflation does significantly pick up across this year, I imagine many will (at least partly) attribute such higher prices to today's announcement. Those who know their history, should be well aware of where this is likely headed.
US equity indexes closed moderately mixed, sp -1pt at 2726. The two
leaders - Trans/R2K, settled -0.2% and +0.8% respectively. VIX settled -3.3% at 17.76. Near term
outlook offers upside into the weekend. More broadly, a March 21st rate
hike should help to give renewed confidence to the capital markets.
Higher. Rates. Are. Bullish. Or maybe you'd like to short BAC, MU, X,
INTC, GILD...
sp'daily5
VIX'daily3
Summary
With Cohn following through with his threat to leave if any tariffs, overnight futures were lower by around -1.5%, but the market only opened moderately weak, and the equity bears simply couldn't achieve much. The market floored at 2701, as buyers were naturally attracted to the 2700 threshold... and the more cautious shorts closed out. The late afternoon saw a gradual recovery, with the R2K notably closing higher for a fourth day.
VIX saw an opening high of 20.49, and from there, went right back into melt mode, settling lower for a fourth consecutive day.
Seriously, did you really think the exit of Cohn from the Trump admin' would merit sustained/significant downside? Are you reading a little too much of the cesspool that is Zerohedge, or getting wrapped up in the mainstream hysteria chatter that is CNBC?
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The opening shot alone merited the Oscar for Deakins.
