Ohh the horror, Cohn exits

US equity indexes closed moderately mixed, sp -1pt at 2726. The two leaders - Trans/R2K, settled -0.2% and +0.8% respectively. VIX settled -3.3% at 17.76. Near term outlook offers upside into the weekend. More broadly, a March 21st rate hike should help to give renewed confidence to the capital markets. Higher. Rates. Are. Bullish.  Or maybe you'd like to short BAC, MU, X, INTC, GILD...


sp'daily5

VIX'daily3

Summary

With Cohn following through with his threat to leave if any tariffs, overnight futures were lower by around -1.5%, but the market only opened moderately weak, and the equity bears simply couldn't achieve much. The market floored at 2701, as buyers were naturally attracted to the 2700 threshold... and the more cautious shorts closed out. The late afternoon saw a gradual recovery, with the R2K notably closing higher for a fourth day.

VIX saw an opening high of 20.49, and from there, went right back into melt mode, settling lower for a fourth consecutive day.

Seriously, did you really think the exit of Cohn from the Trump admin' would merit sustained/significant downside? Are you reading a little too much of the cesspool that is Zerohedge, or getting wrapped up in the mainstream hysteria chatter that is CNBC?
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The opening shot alone merited the Oscar for Deakins.

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

Goodnight from London
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... or are you sure that you don't want to give more attention to Zerohedge or CNBC?  

A New Tomorrow

US equity indexes closed on a broadly positive note, sp +7pts at 2728. The two leaders - Trans/R2K, settled +0.8% and +1.0% respectively. VIX settled -2.0% at 18.36. Near term outlook threatens a little weak chop, but broadly, the 2800s are due. The March 21st rate hike should solidify m/t upside to 2950/3047 by early summer.


sp'daily5

VIX'daily3

Summary

US equities opened moderately higher, and then slipped into minor chop mode that continued across the day. The sp'500 settled with a black-fail candle, which does threaten a touch of cooling across Wed'/Thursday, but broadly, the 2800s look highly probable before end month. 

VIX merely melted lower for a third consecutive day, as the capital markets are increasingly confident ahead of the next rate hike.
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Japan, monthly

The Nikkei is currently net lower for March by a pretty significant -2.9% at 21417, but once again is seeing support around the key 21k threshold. Alarm bells would sound if March settles <20900 (to be decisive), otherwise, renewed upside.
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For some... there won't be a tomorrow.  I hope I'm one of them, as I fully recognise that some of you think I'm little more than worthless garbage. Again I refer you to the cesspool of zerohedge.com, or cnbc.com, either of those two might provide something far more appropriate.

Goodnight from London

Mixed Monday

US equity indexes closed broadly higher, sp +29pts (1.1%) at 2720. The two leaders - Trans/R2K, settled +0.1% and +0.8% respectively. VIX settled -4.4% at 18.73. Near term outlook threatens a cooling wave, but last Friday's low of 2647 looks very secure. The next fed rate hike should help to inspire capital market confidence into late spring/early summer.


sp'daily5

VIX'daily3

Summary

US equities opened moderately lower to sp'2675, but that was all the bears could muster. The market rather quickly turned upward, and battled steadily upward into the early afternoon. VIX saw a morning high of 21.14, but with equities seeing a significant upward swing, the VIX cooled back under the key 20 threshold.

Its difficult to be certain if last Friday morning's low of 2647 was a key higher low. It sure didn't feel like it, but the retrace was large enough in price and time. What does seem highly probable is a push into the 2800s this month. If the fed raise rates March 21st - as still seems due, it will help inspire broader capital market confidence for the spring/summer ahead.

I recognise a fair number of you are seeking a break of the Feb' low of 2532, and downward to the 2400s.. or even lower. The question I'd merely ask... what was your year end target for 2017 in Jan'2017?
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There is no sunshine in my world

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

Goodnight from London
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