Broken delusion

US equity indexes closed very significantly lower, sp -62pts (2.2%) at 2783. Nasdaq comp' -1.4%. Dow -1.9%. The Transports settled -2.1%.

sp'daily5

VIX'daily3

Summary

US equities opened very significantly lower, after a barrage of horrific econ-data. There was a recovery into late afternoon, but it wasn't anything for the bulls to have hope for early Thursday. Volatility picked up, with the VIX settling +8.2% at 40.84.


Broken delusion

I could rant a considerable amount on the following issue, but I'll have to be brief.

Its interesting how a single day can change things. Just yesterday, the cheerleaders on clown finance TV, were exceptionally positive. After all, we had the sp'2800s, and all those green equity boxes meant everything would soon be fine in the US/global economy, right?

This morning's set of econ-data was horrible... some was historically bad. Yet March will be nothing compared to the apocalyptically bad data for April and May. I will merely add... we have 'interesting times ahead'.
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Too big to fly, or rather.. fail, with bailouts for the flying cans of Corona.

Sunset in the city of mass hysteria

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Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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Pushing toward the 2900s

US equity indexes closed powerfully higher, sp +84pts (3.1%) at 2846. Nasdaq comp' +3.9%. Dow +2.4%. The Transports settled +1.7%. Near term outlook offers massive resistance of the 2900s.

sp'daily5

VIX'daily3

Summary

US equities opened very significantly higher, as Q1 earnings season began. The afternoon saw a further push upward to break a new cycle high of 2851 in the closing hour.

Volatility was in cooling mode, the VIX settling -8.3% at 37.76. S/t outlook offers further upside into the 2900s, where there are multiple aspects of massive resistance.


Your views...

A very pleasing majority are against the notion of bailing out the airlines. That leaves just 28.4% of my followers being possible communists.

A clear majority support the notion of 'free money' for the US populace. For the record, I support this, but only due to the lockdown, which itself I don't agree with.

As ever, the last poll is a rather flippant one. For most of the working poor, the stimulus checks will be spent on food and other essentials. As things are, I do expect the US Govt' to agree at least one further check, not least when they realise just how slow the recovery from the lockdown will be.
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A fine, if chilly day, in the London metropolis

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Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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For details and the latest offers, see: Permabeardoomster.com

The war on capitalism continues

US equity indexes mostly closed broadly weak, sp -28pts (1.0%) at 2761. Nasdaq comp' +0.5%.  Dow -1.4%. The Transports settled -2.4%. Near term outlook offers a turnaround Tuesday.

sp'daily5

VIX'daily3

Summary

US equities opened on a weak note, somewhat pressured via Asian markets, but more so... the disappointing OPEC+ agreement.

From late Sunday...

The US President re-iterated the OPEC+ agreement in early morning...

Yes, its a supply cut of historic proportions, but it won't likely negate the even larger collapse in demand. Global storage is close to 100%, and that will be a downward pressure on oil (and the related energy stocks) into early summer.

Meanwhile, Piper Sandler are reflective of some within the mainstream, who are increasingly positive for the second half...

The sp'3600s appear a ludicrous target, and I will likely return to this target/quote within the next few months.


The war on capitalism continues

Chamath Palihapitiya, CEO of Social Capital

When CNBC grey out your image, you know they are running a hit piece on you. Wapner brought up last Thursday's interview with Palihapitiya, the CEO of Social Capital, and brought on Leon Cooperman. Not surprisingly, it turned into a 'bailouts for all, and bash the 'let them fail' guy'. A shameful display of outright communism, and I've near zero hope this path will not be continued upon.

The afternoon saw considerable weak equity chop, but with a closing hour mini ramp.
Volatility picked up to 45.04, but the VIX settled -1.2% at 41.17.


Yours views...

Indeed, ten trillion by end year is no longer seen as 'crazy talk'.

Whether late this year, or in 2021/22, negative interest rates appear a given, not least when Bullard (or Kashkari) take over from Powell.

Right now, my concern for higher prices would be via problems within the supply chain.

Yes, its a very flippant poll, but is 'Fed Chair Cramer' such a crazy notion? After all, we've a President Trump, and Kudlow is head of the National Economic Council!
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Departing the city of mass hysteria

                 A very chilly bank holiday Monday in the UK

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Extra charts in AH (usually around 5pm EST) @ 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