Midweek swing

US equity indexes closed broadly higher, sp +18pts (0.6%) at 2984. Nasdaq comp' +1.0%. Dow +0.6%. The two leaders - Trans/R2K, settled +1.0% and +1.1% respectively.

sp'daily5

VIX'daily3

Summary

US equities opened in minor chop mode, saw a mini washout to sp'2952, before battling back upward into the late afternoon. The closing hour saw a new intraday high of 2989, and settling at 2984.

Meanwhile...

Print Central wheeled out Bullard onto CNBC, who touted that the biggest threat is trade. Powell's (eventual) successor also called for at least one further rate cut of -25bps before year end.

Volatility saw a morning spike high of 18.45, but then melted back lower, with the VIX settling -6.4% at 15.96. S/t outlook offers another swing lower to the sp'2920s, which would likely equate to VIX 19/20s.  
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Through the trees

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Goodnight from London
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Turnaround Tuesday

US equity indexes closed broadly weak, sp -25pts (0.8%) at 2966. Nasdaq comp' -1.5%. Dow -0.5%. The two leaders - Trans/R2K, settled -0.5% and -1.6% respectively.

sp'daily5

VIX'daily3

Summary

They don't call it turnaround Tuesday for nothing. In today's case, equities opened moderately higher, with the SPX maxing out at 3007. The morning saw minor cooling to fractional declines. News that Lewis proposed Trump to be impeached, gave the algo-bots the excuse to drive the market lower.

The afternoon saw the market whipsaw from 2957, on Trump announcing he will release a full transcript of a phone call with the Ukrainian PM.

Volatility saw an early low of 14.33, and spiked to 17.55 on the impeachment chatter, with the VIX settling +14.3% to 17.05.

S/t outlook offers early Wednesday upside, but renewed downside to the sp'2920s with VIX 19/20 appears probable within a few days. 

Meanwhile...

The BREXIT chaos continues, as the UK supreme court ruled that PM Johnson's suspension of parliament was unlawful.

Whilst Johnson continues to tout he'll get BREXIT done by Halloween, I don't see it happening. Instead, another election is probable, this time with Corbyn's Labour party winning (or at least leading a coalition). Any subsequent deal would then be put to the UK populace via a referendum, and I'd expect them to vote against ANY kind of deal, and thus the UK would remain part of the EU.
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Sunshine for the equity bears

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Goodnight from London
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Sleepy start to autumn

US equity indexes closed a little mixed, sp -0.3pts at 2991. Nasdaq comp' -0.1%. Dow +0.1%. The two leaders - Trans/R2K, settled -0.7% and -0.1% respectively.

sp'daily5

VIX'daily3

Summary

US equities began the first day of autumn on a pretty sleepy note. The SPX saw early weakness to 2982, but then clawed back upward into the late afternoon to 2999, with a touch of cooling into the close.

Volatility was itself subdued, with the VIX settling -2.7% at 14.91. S/t outlook offers some market drama. In theory, the SPX should at least tag the upper end of secondary downside gap to the 2920s, which would likely equate to VIX near the key 20 threshold.

--
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Goodnight from London
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