VIX holds moderate gains

Despite equity indexes breaking a pair of new historic highs in the morning, the VIX opened higher, and built gains across the day, settling +6.7% @ 13.12. Near term outlook is for the broad equity upside to continue into May. The big VIX 20 threshold looks out of range for some weeks.


VIX'60min

VIX'daily3

Summary

Little to add.

A net daily gain in the VIX, but still.. a VIX that struggles just to break into the 13s.

Considering the broader equity trends, there is little reason to believe VIX has any significant opportunity to break into the 20s until at least mid June.

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more later... on the indexes

Closing Brief

US equities closed somewhat weak, sp -8pts @ 2108 (new historic high 2125). The two leaders - Trans/R2K, settled lower by -0.8% and -1.2% respectively. Outlook is for continued broad upside into May.. if not across the summer... helped by a retracing USD.


sp'60min

Summary

*awaiting earnings from the tech behemoth of AAPL
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A pretty tedious day.

More than anything, I'm beyond tired of seeing the same nonsense talk across the usual sites. The same people calling another top... on the very day that two of the bigger indexes (sp'500/NYSE comp') break new historic highs.

The broader trend remains bullish.

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more later.. on the VIX

3pm update - a new high is a new high

Despite some moderate weakness into the afternoon, it has been another day for the equity bulls, with the broader upward trend resulting in another pair of new highs (sp'500/NYSE comp'). With just 3 trading days left of the month, most indexes are set for net monthly gains of around 2%.


sp'daily5

Summary

*notable weakness in the R2K, -1.1%.. sitting on rising trend that stretches back to October.
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Despite the currently red indexes.. it is utterly a joke for any of the doomer bears to be calling this anything than what it really is... another day when the broad based sp'500 achieved a new historic high of 2125.

Back in early summer 2013 when I waved the white flag against the deflationary collapse scenario - that many still cling to... well, we were in the sp'1500s then. 

We simply won't be trading under those levels... again.

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notable strength: AAPL, +0.9% in the $131s.

Without question, one of the top 3 tech companies in the world.. set to report in AH.. probably around 4.30pm. The $140s are just about possible if expectations are surpassed.

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back at the close