US equity indexes closed a little weak, sp -5pts (0.2%) at 3373. Nasdaq comp' -0.1%. Dow -0.4%. The Transports settled -0.1%. Near term outlook favours some cooling into the long weekend.
sp'daily5
VIX'daily3
Summary
US equities opened moderately lower, as the mainstream were spooked by a very large jump in Corona case numbers of 45k > 60k. The dip buyers appeared though, with the SPX breaking a new historic high of 3385 in mid afternoon. The closing hour saw a touch of cooling.
US equity indexes closed broadly higher, sp +21pts (0.6%) at 3379. Nasdaq comp' +0.9%. Dow +0.9%. The Transports settled +0.9%.
sp'daily5
VIX'daily3
Summary
US equities opened moderately higher, with the SPX breaking a fractional new historic high of 3377.
Powell appeared before the US Senate to spout more lies and deceptions...
If you think I'm unfair, I refer you to the Fed's balance sheet (see yesterday's post), with a roughly $400bn increase since last summer, but an increase which Powell deems as 'not-QE'.
The late afternoon saw a micro burst higher, to break yet another new historic high of 3381. The VIX was ground lower, settling -9.5% at 13.74.
Meanwhile...
Another flying can of Corona
London has seen its first official case of the Corona virus, taking the UK total to nine. Not surprisingly, the case was from someone flying in from China. For now, yours truly is not concerned.. unless the UK cases total >500.
Whilst the western numbers can be accepted, the China data is to be seen as intentional under-estimates. Its become clear even a positive test to Corona in China will no longer be counted, if the person is deemed as 'asymptomatic'. Communists.... being.... communists.
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Finally...
My day would be significantly improved if I had a baby Panda. Could one be trained to do my accounts, or use a Bloomberg terminal?
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US equity indexes closed a little mixed, sp +5pts (0.2%) at 3357. Nasdaq comp' +0.1%. Dow u/c. The Transports settled +0.3%.
sp'daily5
VIX'daily3
Summary
US equities opened moderately higher, and it was plenty enough to generate a new historic high.
Fed chair Powell appeared before the US house to spout more lies and deceptions, who lapped it up like a baby Panda with a bowl of milk.
Bullish the mute button
Just consider the most recent Fed balance sheet...
... and reflect on the notion that Powell continues to deem it as not-QE. With the Dow (ohh the humanity!) turning red in mid morning (largely due to Boeing, zero orders within January), the US President again chimed in...
It is a 'curious' thought that the US President is probably watching equities tick by tick for significant chunks of the day. The complaint that the (strong) dollar is tough on exporters... well, yes... it is. I'm actually kinda surprised we haven't seen Trump direct the US Treasury to meddle in the FOREX market.
Powell is due again tomorrow, but I'd imagine the market will be more focused on a Sanders victory in New Hampshire, although maybe the DNC will somehow prevent such an 'adverse' vote?
Ohh, and as for that baby Panda and milk...
I will hope the nannies are being regularly checked for Corona. If there is anything that matters in China... its the Pandas.
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