Rate hike number eight

US equity indexes closed moderately weak, sp -9pts (0.3%) at 2905. Nasdaq comp' -0.2% at 7990. The two leaders - Trans/R2K, settled +0.6% and -1.0% respectively. Near term outlook offers early Thursday weakness, but leaning upward into end month/Q3.

sp'daily5

VIX'daily3

Summary

As expected, the Fed raised rates by 25bps to a new target range of 2.00-2.25%. The sp' saw a minor spike upward, only to swing lower, filling the downside gap to 2907. I could almost understand some getting a little excited at the post FOMC cooling, but its really not that unusual for a fed day.

Volatility picked up with the late day equity swing lower, but the VIX still settled in the 12s, indicative of underlying capital market confidence.
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Bonus chart: Germany, monthly

With just two trading days left of the month/Q3, the DAX is currently +0.2% at 12385. This is an impressive turnaround, and does offer hope of renewed upside into year end.
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A fine autumnal day, 70f, sunny

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Goodnight from London
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Pre-hike chop

US equity indexes closed moderately mixed, sp -3pts (0.1%) at 2915. The two leaders - Trans/R2K, settled -0.5% and +0.2% respectively. VIX settled +1.8% at 12.42. Near term outlook offers new historic highs to the sp'2940/50s.

sp'daily5

VIX'daily3

Summary

It was a day of minor chop in equity land, but that is usually the case ahead of an FOMC announcement, even when the market knows what is coming. Volatility remained subdued, with the VIX churning within the 12/11s.
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Bonus chart: Germany, monthly

With just three trading days left of September, the DAX is currently +0.1% at 12374, and this is a very significant recovery from the intra low of 11865.
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Just another retrace

US equity indexes closed on a weak note, sp -10pts (0.3%) at 2919. The two leaders - Trans/R2K, settled -1.4% and -0.4% respectively. VIX settled +4.4% at 12.20. Near term outlook threatens Tuesday weakness, but the month is still on track to settle net higher.


sp'daily5

VIX'daily3

Summary

The week began on a moderately weak note, with the sp' settling moderately lower. Today was just another retrace after Friday's historic high of 2940. Whilst volatility did pick up, the VIX notably remained sub teens.
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A little surprise in AH....

The US now has a new trade deal with South Korea. This was indeed a surprise, and comes as many (yours truly included) are more focused on a US/Canada deal. The ultimate deal - US/China, remains elusive, but I do expect one... probably to be announced in November. 
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A very colourful end to day two of autumn.

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