Permabear Doomster

Thursday, 23 July 2020

There will be no V

US equity indexes mostly closed significantly lower, sp -40pts (1.2%) at 3235. Nasdaq comp' -2.3%. Dow -1.3%. The Transports settled -0.3%.

sp'daily5

VIX'daily3

Summary

US equities opened in minor chop mode, if with a fractional new multi-month high of sp'3279.99.

Meanwhile...

The Santelli of CNBC

The latest weekly jobs data wasn't pretty, 1.416M vs 1.307 (revised) prior week. The run of improvement has concluded, as the economic recovery has stalled for obvious reasons. The notion of a V-shaped recovery was always nonsense. Now its a case of how rough the rest of the summer will be, and whether society itself devolves into even deeper levels of mass hysteria this autumn.

The afternoon saw a very significant swing lower - with tech leading the way, the SPX printing 3222. and settling at 3235.

Volatility swung from a low of 23.60 to settle +7.2% to 26.08. The daily SPX candle is of the bearish engulfing type, with the daily VIX candle of the bullish engulfing type. Those are not to be dismissed lightly.
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Appropriately moody skies for a Thursday

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

Goodnight from London
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Wednesday, 22 July 2020

Midweek chop

US equity indexes mostly closed on a positive note, sp +18pts (0.6%) at 3276. Nasdaq comp' +0.2%. Dow +0.6%. The Transports settled -0.1%.

sp'daily5

VIX'daily3

Summary

US equities opened in minor chop mode, after overnight declines were negated with yet another 'breaking news: Corona vaccine/treatment' headline...

They're going to roll out this vaccine candidate, whether its 'significantly' beneficial or not, if only to bolster morale, right?

The afternoon saw further chop, but with a closing hour mini ramp to a new multi-month high of sp'3279, ahead of MSFT and TSLA earnings.

Volatility melted lower, the VIX settling -2.1% to 24.32.
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Another sunset closer to winter 2020/21.

Next full moon.... Aug'3rd

Tuesday, 21 July 2020

Turnaround Tuesday

US equity indexes closed rather mixed, sp +5pts (0.2%) at 3257. Nasdaq comp'-0.8%. Dow +0.6%. The Transports settled +0.7%.

sp'daily5

VIX'daily3

Summary

US equities opened broadly higher, helped by news the EU bureaucrats had agreed on a €1trn package, although that is spread across SEVEN years. Considering the US and EU populations are rather similar, the EU package is pitiful, relative to the trio of US stimulus bills.

Nasdaq broke a new historic high, but did see an opening reversal, and despite a few rally attempts, tech was notably weak across the day.

Meanwhile...

The US President warning that a 'radical left' victory would see equity prices dive. Ironically, the same thing was argued by the mainstream in summer 2016 about a Trump victory.

The best of the USA... of humanity

The afternoon saw some distinct weakness, with even the SPX turning negative in the closing hour.

Volatility was mixed, the VIX printing 23.61, but settling +1.5% at 24.84.
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Bullish transports?

Even more golden than Gold ($1844s) itself

A fine summer's evening