Permabear Doomster

Thursday, 28 May 2020

Ending the day badly

US equity indexes closed on a distinctly weak note, sp -6pts (0.2%) at 3029. Nasdaq comp' -0.6%. Dow -0.5%. The Transports settled -1.6%.

sp'daily5

VIX'daily3

Summary

US equities opened a little choppy, but did claw upward to new cycle highs.

Meanwhile...

... and continued...

The 'hater' - Roth, is the head of site integrity, someone who its been reported has called Trump a 'Nazi'. Not great, and is arguable is about as balanced as the San Andreas fault.

The afternoon saw equities continue to claw to a new cycle high of sp'3068, but the closing hour saw a very significant cooling wave, ending on a distinctly weak note.

Volatility was mixed, the VIX printing 27.43, but settling +3.5% at 28.59. As things are, the SPX is comfortably on track to settle the week/month above giant psy'3K, the 200dma, and the key monthly 10MA. To yours truly, such a May settlement will turn the m/t trend back to outright bullish, and it will arguably solidify the March low of 2191 as a washout low.

I have to add, Tom Lee of Fundstrat...

Tom Lee - April 20th 2020

*original tweet: https://twitter.com/permabear_uk/status/1252267736157376512

Lee's notion that the equity market recovery will be V-shaped, regardless of the type of economic recovery, has turned out to be correct. Considering the likely bullish May settlement, he could be seen to be doing a little bullish dance into the weekend.
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The number of planes is very.... very slowly increasing

A fine day

Full moon is Fri' June 5th

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

Goodnight from London
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Wednesday, 27 May 2020

Trump verses Twitter

US equity indexes closed broadly higher, sp +44pts (1.5%) at 3036. Nasdaq comp' +0.8%. Dow +2.2%. The Transports settled +2.9%.

sp'daily5

VIX'daily3

Summary

US equities opened significantly higher, but the gains were shaky from the start, with the market reversing lower, lead by the Nasdaq.

The SPX printed 2969, but then clawed upward... all the way into the closing hour, even managing to break a new cycle high. Volatility was mixed, the VIX printing 30.53, but settling -1.4% at 27.62.
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Trump verses Twitter

Twitter has always been left leaning (Dorsey admits this himself), but the tensions have notably increased, as seen last evening...

Twitter has effectively labelled the above tweets as a lie, false... or whatever you want to call it.

Trump pushed back...

... and continued....

Big action huh, such as? Twitter itself is struggling, recent earnings were outright lousy. Q2/Q3 will be horrific, with companies/advertisers having massively cut back on spending. In any case, the Trump verses Twitter war will surely spiral into/across the summer, not least with an election ahead.
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A fine day in the capital of semi-mass hysteria

Full moon will be June 5th

Tuesday, 26 May 2020

Black candle within key zone

US equity indexes closed broadly higher, but distinctly below their early highs, sp +36pts (1.2%) at 2991. Nasdaq comp' +0.2%. Dow +2.2%. The Transports settled +5.0%. The key issue is how the market will settle the month.

sp'daily5

VIX'daily3

Summary

US equities opened the short four day week on a very positive note, with the SPX jumping right above giant psy'3K.

With Dow 25K, and sp'3K, the US President (not surprisingly) appeared...

The afternoon saw considerable chop, but the closing hour saw some distinct cooling. Today saw the SPX settled with a black candle, with a mirroring hollow red reversal candle in the VIX. I will merely say... its 'curious'.

Volatility subtly held up, the VIX settling -0.5% at 28.01.
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Twilight skies