Quad opex historic highs

US equity indexes closed broadly higher, sp +23pts at 2675. The two leaders - Trans/R2K, settled higher by 0.6% and 1.5% respectively. VIX settled -10.2% at 9.42. Near term outlook offers basic cooling to 2660/52, with secondary of 2646/36. Today's intraday high of 2679.63 was just 3.37pts shy of the original year end target of 2683.


sp'daily5

VIX'daily3

Summary

US equities opened moderately higher, and it was enough to quickly generate a new historic high for the sp'500. The Dow and Nasdaq comp' followed in the afternoon. The new historic high of 2679.63 is a mere 3.37pts from my original year end target of 2683. Many now recognise a continued push to around 3K is probable in 2018.

With broadly higher equities, and good earnings from COST, ADBE, and ORCL, the capital market was in an especially confident mood ahead of the weekend, with the VIX cooling by a very significant -10.2% to the 9.42. A little burst to the 11/12s remains viable early next week.
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Another fine winter's day in London

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Goodnight from London
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Thursday weakness

US equity indexes closed broadly weak, sp -10pts at 2652. The two leaders - Trans/R2K, settled -0.7% and -1.1% respectively. VIX settled +3.0% at 10.49. Near term outlook offers further weakness to sp'2646/36, before resuming upward into the Christmas break.


sp'daily5

VIX'daily3

Summary

US equities opened a little higher, and it was enough to generate a new historic high for the Dow. However, with the fed out of the way, Mr Market was tired, and melted lower into the late afternoon.

The VIX settled higher for a third day, the 11/12s look viable in the near term with sp'2646/36. The low teens look out of range unless sp<2624, which itself seems very unlikely.
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Meanwhile...

The Scottish regional govt, are raising taxes, despite it being well recognised that GDP is sub 1.0%. This is economic lunacy. Are they actively trying to drive capital south of the border?

see: http://www.bbc.co.uk/news/uk-scotland-42356953

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A fine winter's day in London

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Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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A third rate hike

As expected, the Fed raised rates for a third time this year, +25bps to a new target range of 1.25-1.50%. Yellen is now fading into the sunset, and a grander issue is that it will be on Powell's watch, that things start to break.


sp'weekly1b

WTIC, daily

Yellen's last major press conf. Note the 10yr for historical purposes!

Summary

sp: today was just another day for the equity bulls, as the sp' broke a new historic high of 2671, a mere 12pts shy of my original year end target of 2683. Pretty incredible. The 3K threshold seems a given.. whether in late spring... or the summer. Things will get real 'tricky' around 2950/3047. The latter number should be recognised by some out there in fibonacci land.

WTIC: despite bullish inventory data, oil had a tough day, settling -0.9% at $56.60, settling on rising trend that extends back to late August. A break wouldn't necessarily be super bearish, as the m/t trend is currently bullish. Only bearish if <54s. Soft technical upside target are the 61/62s by early spring.
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Looking ahead

Thursday will see the usual weekly jobs, retail sales, import/export prices, and busin' invent'
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