US equity indexes closed moderately weak, sp -14pts (0.5%) at 2992. Nasdaq comp' -0.8%. Dow -0.6%. The two leaders - Trans/R2K, settled -0.5% and -0.1% respectively.
sp'daily5
VIX'daily3
Summary
With it being quad-opex, it was a natural day of (mostly) minor chop. I note mostly, as there was a brief upset in early afternoon, on a headline that a Chinese delegation had cancelled a visit to some farm in Montana. Seriously, did that really merit an SPX drop from 3009 to the 2984s? The late afternoon saw minor chop resume, with the SPX settling -14pts at 2992.
Volatility picked up a little, with the VIX settling +9.0% at 15.32. S/t outlook leans bearish for equities, especially from Tuesday onward.
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US equity indexes closed mostly on a weak note, spx +0.1pts at 3006. Nasdaq comp' +0.1%. Dow -0.2%. The two leaders - Trans/R2K, settled -0.7% and -0.4% respectively. Near term outlook offers chop into quad-opex.
sp'daily5
VIX'daily3
Summary
Suffice to note, it was a day of moderate chop in equity land, although the SPX did come very close to the July historic high of 3027.98, maxing out at 3021.99. The afternoon saw a s/t cyclical rollover, with the SPX cooling to 3003, and settling effectively flat at 3006.
Volatility was ground to 13.31, but settled +0.7% at 14.05. S/t outlook offers quad-opex chop, with the market makers inclined to try to settle the week around the sp'3000 threshold.
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US equity indexes closed mostly on the weaker side, sp +1pt at 3006. Nasdaq comp' -0.1%. Dow +0.1%. The two leaders - Trans/R2K, settled -1.2% and -0.6% respectively.
sp'daily5
VIX'daily3
Summary
US equities opened on a weak note, and entered a holding pattern into the 2pm FOMC announcement. The 2pm press release saw the usual initial swings both higher and lower, before the market decided to pick a direction and run with it... in today's case... downward.
Trump naturally chimed in....
Schiff responded to that...
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The late afternoon saw an equity recovery, with the SPX turning fractionally higher.
Volatility picked up, with the VIX spiking to 15.80, but settling -3.4% at 13.95.
Are you serious?
Powell stated that the Fed's view on interest rates has significantly changed since the start of the year. Just reflect upon that at the Dec'2018 FOMC, the fed expected 2-3 hikes in 2019. In early January the threats of ending QT began... and here we are... rate cut'2, with another 1-2 to come before year end.
... and yet we're supposed to put some faith into the following, which is the most ludicrous financial outlook I've seen this year...
The monetary masters at Print Central, expect rates to remain u/c into year end and across all of 2020, and then begin to rise again in 2021 and into 2022.
I shall merely respond with this...
The scary thing is that I believe the FOMC are serious. They actually believe the garbage outlook they have issued.
The Federal Reserve never saw the last recession coming, and they sure won't see the next one coming, until we're already mired within it. The only issue is when will US rates turn negative, and at what level of rates will QE4 be initiated?
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