Bad good news

US equity indexes mostly closed on a weak note, sp -5pts (0.2%) at 2990. Nasdaq comp' -0.1%. Dow -0.2%. The two leaders - Trans/R2K, settled -0.4% and +0.2% respectively.

sp'daily5

VIX'daily3

Summary

US equities opened moderately weak, on the twisted mainstream notion that good jobs news was actually bad news.

This is indeed one twisted era, and its only getting more twilight zone crazy with each day.

Trump must have noticed equities were lower, and took yet another swipe at the Fed...

Equities clawed back upward into the afternoon, with some minor chop into the weekend. Volatility naturally picked up, with the VIX peaking at 14.47, and settling +5.6% at 13.28. 

I called a vote in the morning...

... and its interesting to see two thirds not expecting rate cut'1. For the record, I do still see a 25bp cut at the FOMC of July 31st.
--

A fine summer's evening

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

Goodnight from London
--
If you value my work, subscribe to my intraday service. 
For details and the latest offers, see: permabeardoomster.com

 

Baby steps into Independence Day

US equity indexes climbed into the holiday break, sp +22pts (0.8%) at 2995. Nasdaq comp' +0.8%. Dow +0.7%. The two leaders - Trans/R2K, settled +1.0% and +0.7% respectively.

sp'daily5

VIX'daily3

Summary

US equities opened on a positive note, and it was enough to see the SPX break another new historic high. Comments from the US President helped to fuel the 'monetary easing will save us all' mainstream hope...

--
The closing hour saw the SPX and Dow both break new historic highs of 2995 and 26966 respectively. Volatility was naturally subdued into the holiday break, with the VIX settling -2.8% to 12.57. 

Meanwhile...

Baby steps into the DMZ

A personal favourite...



What about Bob?, 1991
--

To my readers within the USA, Happy Independence day! To everyone else... enjoy the day off.

*the next post on this page will appear around 5pm EDT on Friday.
--
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk
--
If you value my work, subscribe to my intraday service. 
For details and the latest offers, see: permabeardoomster.com

 

Looking ahead

It was a day of mostly minor chop in equity land, with the SPX seeing a low of 2955, but settling +8pts (0.3%) to 2973. Meanwhile, WTIC swung from $59.43, to settle -$2.84 (4.8%) to $56.25.

sp'weekly1b

WTIC daily

Summary

sp: regardless of how the remaining 1.5 trading days of this week proceed, its been a bullish week, having yesterday broken a new historic high of 2977. Note rising trend, currently offering support in the 2790s, and that will rise to the 2870s by end July... when the fed will initiate rate cut'1.

wtic: First, keep in mind yesterday's black candle, which saw a spike high of $60.28. It was a rough day for oil, as resistance zone of 60/62 held, with oil spiraling lower to $56.09. Today's candle offers zero sign of a s/t floor. Psy' 50 is a natural price magnet. Further, note the macd cyclical rollover.
–


Looking ahead

Wednesday will see ADP jobs, intl' trade, weekly jobs, PMI/ISM serv', factory orders, EIA Pet'

*EARLY CLOSING* 1pm EDT
–

For the guests out there, I hope I made today at least fractionally more interesting than it otherwise would have been.

Yours truly will resume (Cloudflare permitting) tomorrow at http://subscriber.permabeardoomster.com, with the pre-market brief at 8.30am.

Goodnight from London
 --

One of the bizarre quirks of celestial mechanics