Permabear Doomster

Friday, 22 May 2020

Weak chop into the long weekend

US equity indexes mostly ended a little higher, sp +6pts (0.2%) at 2955. Nasdaq comp' +0.4%. Dow -0.04%. The Transports settled +0.2%.

sp'daily5

VIX'daily3

Summary

US equities opened in minor chop mode, with the market seeing moderate cooling to 2933.

Meanwhile...

Indeed, US/China tensions continue to increase each day.

The afternoon saw a push to 2956, with considerable minor chop into the long weekend.
Volatility was itself subdued, the VIX settling -4.6% at 28.16.
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Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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Thursday, 21 May 2020

US China tensions

US equity indexes closed moderately weak, sp -23pts (0.8%) at 2948. Nasdaq comp' -1.0%. Dow -0.4%. The Transports settled -0.4%.

sp'daily5

VIX'daily3

Summary

US equities opened in minor chop mode, with the market held back by overnight comments from Trump...

Indeed, US China tensions are increasing.

The SPX saw a significant wave lower into late morning to 2938, but the market did somewhat recover into the mid afternoon, with renewed weakness into the close.

Volatility was a little mixed, the VIX printing 30.20, and settling +5.5% at 29.53.
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One contrail, but its indicative of more flights.

Wednesday, 20 May 2020

Nearing 3K

US equity indexes closed very significantly higher, sp +48pts (1.7%) at 2971. Nasdaq comp' +2.1%. Dow +1.5%. The Transports settled +3.2%.

sp'daily5

VIX'daily3

Summary

US equities opened significantly higher, with the SPX pushing upward into the early afternoon to a new cycle high of 2980.

The above Trump tweet is indicative of increasing tensions between the US and China. Further, there was news the US senate passed a bill that might see some Chinese listed companies eventually kicked off the US stock exchange.

Meanwhile, lunacy call of the day...

Morgan Stanley's call for Moderna (MRNA) makes no sense. There is no vaccine, with the corona pandemic in the latter stage. As some recognise, such viruses mutate, and even if a vaccine (NOT treatment) is found - whether by year end, or in 2021, it will probably be largely pointless.

The afternoon saw considerable equity chop, with the SPX settling just 1.0% from giant psy'3K.
Volatility was in melt mode, the VIX settling -8.3% to 27.99.
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Headed southward, as the London skies are re-filling with planes

Goldilocks... sunny 21c/70f