The Longest day

US equity indexes closed somewhat mixed, sp +17pts (0.6%) at 2843. Nasdaq comp' +0.5%. The two leaders - Trans/R2K, settled -0.9% and -0.2% respectively.

sp'daily5

VIX'daily3

Summary

US equities opened in minor chop mode, although the Transports and R2K were distinctly weak by late morning. The afternoon saw another wave higher on a Bloomberg headline that the US Govt' is considering delaying the Mexican tariffs.

Volatility was itself subdued, with the VIX settling -1.0% at 15.93. The s/t cyclical setup favours the equity bears, a test of the 2800 threshold isn't a stretch ahead of the weekend.
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More green than the Transports

The Longest day

Its been 75 years since allied forces began the battle to re-take France, and the rest of mainland Europe from the Nazis. For today at least, the red and green flashing boxes seemed entirely inconsequential.

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Goodnight from London
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The wall of worry

US equity indexes closed moderately higher, sp +22pts (0.8%) at 2826. Nasdaq comp'+0.6%. The two leaders - Trans/R2K, settled +0.9% and -0.1% respectively. Near term outlook leans to a typically bearish Thursday.

sp'daily5

VIX'daily3

Summary

US equities opened moderately higher, but the gains were shaky, and the SPX briefly turned fractionally red to 2800, before resuming upward into the late afternoon to 2824. Volatility was itself subdued, with the VIX lower for a second day, settling -5.2% at 16.09. The s/t cyclical setup favours the equity bears.


The wall of worry

The mainstream cheerleaders sure have a great many concerns...

Clearly, trade/tariffs are major issues, but so is the underlying state of the US/global economy. Today's ADP jobs print of +27k was a gross miss from an estimated 173k, and it doesn't bode well for the monthly number, due from the BLS this Friday.

I will add that if we see the mid sp'2600s before the June 19th FOMC, its just about possible we see the fed cut rates. I still think a cut is unlikely until at least July 31st, but we are seeing the Fed increasingly capitulate to pressure - not least from the US President, to cut rates and spool up the printers.

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Goodnight from London
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Turn off your screen?

US equity indexes closed powerfully higher, sp +58pts (2.1%) at 2803. Nasdaq comp' +2.6%. The two leaders - Trans/R2K, settled +3.3% and 2.6% respectively.

sp'daily5

VIX'daily3

Summary

US equities opened broadly higher, as yesterday's closing hour low of sp'2728 marked a s/t spike floor.

Trump with May, with the latter to step down June 7th

The market built gains into the afternoon, with the 2800 threshold broken above into the close. Volatility naturally cooled, with the VIX settling -10.0% at 16.97. The s/t cyclical setup favours the bulls for another day or two, but nothing above the 2830/50s. The 2650s are on the menu, but clearly, not until next week.
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Turn off your screen?

I will dare quote myself from earlier today...

Today's appearance by Mayo on the lunch time show was too good. I have to think CNBC saw the early morning futures and thought this lunchtime was as good a time as any. We had Mayo (not surprisingly) touting the financials, whilst Chris Whalen was suggesting a possible credit crisis this summer.

Seriously, if you think lower rates are going to help the US economy, or especially the financials, you're at the wrong blog! Meanwhile, the craziest thing I noticed today (although from yesterday's event)...

$199 for a VESA mount, and $999 for a monitor stand. You can find similar on Amazon for a combined cost of around $50. I guess you could say its bullish for AAPL stock, but I find such pricing truly bizarre, and rather contemptible to the Apple fanbase.
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Descending to the land of geo-political chaos

A brief foray away from the green/red flashing boxes

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

Goodnight from London
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