US equity indexes mostly closed very significantly higher, sp +42pts (1.4%) at 3122. Nasdaq comp' +0.8%. Dow +2.0%. The Transports settled +3.3%.
sp'daily5
VIX'daily3
Summary
It was just another day for the equity bulls, with the SPX opening moderately higher, and clawing upward across the day, to break a new cycle high.
Meanwhile...
The latest ADP jobs data was not surprisingly horrific, but the market doesn't care, on the notion the economic recovery will be V-shaped. That outlook is overly optimistic, and another stimulus bill can be expected... with Print Central having already stated they would be supportive of.
Volatility naturally melted lower, the VIX settling -4.4% to 25.66.
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US equity indexes closed broadly higher, sp +25pts (0.8%) at 3080. Nasdaq comp' +0.6%. Dow +1.0%. The Transports settled +1.9%.
sp'daily5
VIX'daily3
Summary
US equities opened a little choppy, which was again relatively impressive, considering the overnight 'social unrest'. news.
A brief moment of serenity...
Opening bell: (L>R) Hurley, Behnken, Cassidy
From a low of 3015, the market clawed upward, with the afternoon seeing considerable chop, but breaking a new cycle high in the closing minutes. Volatility was subdued, the VIX settling -4.9% to 26.84.
Credibility, what credibility?
Whilst I don't agree with everything El-Erian says, he is always worth hearing...
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"You end up, not only undermining the system itself, but you undermine the credibility of an institution, that is critical to the well being of this, and future generations".
First, the fed has no credibility. It has always been reactive to events... its never been proactive.
Second, El-Erian argues that the fed is CRITICAL to the US economy and market. The fact is that the fed have grossly twisted and distorted US and global capital flows. Its two central policies of low/zero interest rates and money printing, are destroying the very foundation of capitalism.
He is correct in noting that its going to be difficult to produce high economic growth, due to the underlying societal imbalance. Its arguable though, that has been the case for decades. Various pieces of employment data across the next three days will be a reminder of ongoing economic horror.
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US equity indexes mostly closed on a positive note, sp +11pts (0.4%) at 3055. Nasdaq comp' +0.7%. Dow +0.4%. The Transports settled -0.04%.
sp'daily5
VIX'daily3
Summary
US equities opened in minor chop, leaning on the weaker side to an early low of 3031. There was a significant swing upward to 3062, with minor into the late afternoon.
Meanwhile...
Seeing the ISS crew made for a pleasant distraction from the insanity of their homeworld... Earth.
Volatility picked up just a little - mostly for it being a new week/month, the VIX settling +2.6% to 28.23.
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