Closing Brief

US equities saw very minor weak chop across the day, sp -0.4pts @ 1950. Near term outlook remains broadly bullish, and the sp'1960s are just about viable by this Thursday. Market will be gradually shifting its attention to next weeks FOMC of June'18, when QE taper'5 will be announced.


sp'weekly8b

Summary

*yesterdays chart will suffice, right? Who will notice its a day old anyway?
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So..a day of very minor chop, although there were certainly some notable gainers..and losers.

On the down side...coal miners, BTU, -1.5%, King Obama's 'war on coal' continues to great success - at least in term of stock prices for the coal sector.

Notable strength in the momo arena, FB +4%, with TWTR +2% or so.


As for the usual post-trading day updates....err..no.

If stockcharts manages to reboot before I sleep, I'll post a single late evening post...other than that.....

back at the Wednesday open.

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*I hold moderately LONG overnight, via WFM, seeking an exit in the 43/44s, which does seem viable later this week.

3pm update - are you fond of sand dunes and salty air?

US equities are set to close broadly flat, although the smaller 5/15min cycles are still offering a small up wave into the close. A daily close in the sp'1950s is most certainly viable. Metals have flat lined since the open... but set for moderate gains, Gold +$7


sp'monthly8 - QE phases

Summary

*a somewhat annoying day without stockcharts...
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The FOMC of next Wed' ,set for QE-taper'5, bringing the QE fuel down to $35bn a month, a mere $420bn annualised.

Certainly, volatility will likely see a minor spike next week, 14/16 zone, but no higher.

VIX 20s look unlikely until at least late July..if not Aug/Sept.
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Meanwhile....on what is a fine summers day in London city...



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*I will hold LONG overnight, via  WFM.


3.26pm... ..and the indexes start to turn green....


Song for ...traders...



yours...cyclical


3.43pm... Nasdaq +..... most other indexes a mere fraction negative. Only the R2K is moderately weak, -0.25%..'noise' in the scheme of things.

VIX still set to close fractionally red.

2pm update - minor up cycle due

US indexes continue to see minor weakness, but with two full hours to go, there is high likelihood of a minor wave higher into the close. The sp'500 looks set for a daily close in the low 1950s..which will keep the door open to 1960s by early Thursday.


sp'500 vs CRB

Summary

*chart from yesterday close.
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The disparity between equities and stocks remains almost as wide as ever.

I suppose the inflationists would say that commodities are merely consolidating sideways before the next lurch higher..and I'd be inclined to agree.

However, the one problem would be a rising USD..which as noted earlier..appears likely to rise across the summer/autumn.
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*I remain LONG, via WFM, I'd prefer a daily close in the 42s..that would keep viable the 43/44s later this week.
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back at 3pm