Christmas Eve

US equity indexes closed fractionally mixed, sp -0.6pts (0.02%) at 3223. Nasdaq comp' +0.08%. Dow -0.13%. The Transports settled +0.02%.

sp'daily5

VIX'daily3

Summary

US equities saw minor chop for the half day Christmas Eve session.
Volatility remained naturally subdued in the 12s.
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Golden skies into the Christmas break

A second sunset closer to summer 2020

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Cruising into Christmas

US equity indexes closed a little higher, sp +2pts (0.1%) at 3224. Nasdaq comp' +0.3%. Dow +0.2%. The Transports settled +0.1%.

sp'daily5

VIX'daily3

Summary

US equities opened on a positive note, and it was enough to see the SPX break a new historic high.

The departure of the Boeing (BA) CEO Muilenburg caught some mainstream attention.

Muilenburg resigned with immediate effect, and will be replaced by Calhoun, Jan'13th. He has a tough year ahead, and whilst the 737MAX can be expected to be flying again this spring, I want to note this...

If there is one (probably to be leaked) pilot's report of further 'difficulties' with the plane, I'd expect another grounding... and one that could easily become permanent.

The real story - that is still largely ignored by the mainstream, is that Boeing are trying to solve a hardware problem via a software fix. No. No. HELL NO!  This is NOT the way.

BA, monthly

There is a viable H/S formation. I would note the spike low of $285s. ANY price action <285 would merit alarm bells, and threaten the $140s. For now, the stock is broadly... turbulent.

Volatility remained subdued, with the VIX settling +0.8% at 12.61.

Sideline video on population...



Whilst any outlook is to be seen as speculative, the above is a pretty reasonable guess. I would note the massive growth in Nigeria.
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Cruising above the London skies

One sunset closer to summer 2020

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Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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Weekend update - US equity indexes

It was a bullish week for US equity indexes, with net weekly gains ranging from +2.2% (Nasdaq comp'), +1.6% (SPX), +1.4% (NYSE comp'), +1.2% (Trans), to +1.1% (Dow).


Lets take our regular look at five of the main US indexes

sp'500

The SPX climbed for a fourth consecutive week, the 10th week of 11, breaking a new historic high of 3225, and settling +52pts (1.6%) at 3221. Weekly price momentum is on the high side. Note the black macd line at 74.536, the highest level since early Feb/late Jan'2018.

For now, there is simply zero sign of a short, never mind a mid or long term top. The remaining 5.5 trading days of 2019 offer little other than further algo-bot upward melt. Technically, the upper bollinger will be in the 3240/50s next week, and the 3250/60s in the final two days of the year/decade.

The 3300/400s are clearly viable by late Jan/Feb. From there, a 10% washout would bring the market back to old resistance - now first support, of around 3K. We have ten downside gaps to the mid/low 2900s.
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Nasdaq comp'

Dow

NYSE comp'

Trans

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Summary

All five US equity indexes settled net higher for the week

The Nasdaq comp' lead the way higher, with the Dow lagging.

The SPX, Nasdaq comp', Dow, and NYSE comp' broke new historic highs

YTD price performance:

The Nasdaq comp' is currently net higher for the year by +34.5%. The SPX is +28.5%, with the NYSE comp' +22.1%. The Dow is +22.0%, with the Trans lagging at +18.9%.
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Looking ahead

It will be a short 3.5 trading day week. 

Earnings: none.

Econ-data:

M - Durable goods orders, new home sales
T - Richmond Fed' manu'.  EARLY CLOSING 1pm

W - CLOSED for Christmas day

T - Weekly jobs, fed balance sheet (4.30pm)
F - EIA Pet' & NG reports, Rig count.
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Final note

We have just 5.5 trading days left of the year and decade. Without getting into a review of 2019, it should be clear, things continue to become ever more crazy. Rates are low, set to be cut again in 2020, with the printers having already been spun up. Incredible.

For many, yours truly included, a little extra time off will be very welcome indeed.

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Have a good weekend
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*the next post on this page will likely appear 5pm EST on Monday