Extraordinarily uncertain

US equity indexes closed broadly higher, sp +40pts (1.2%) at 3258. Nasdaq comp' +1.3%. Dow +0.6%. The Transports settled +2.2%.

sp'daily5

VIX'daily3

Summary

US equities opened on a positive note, and built significant gains into the early afternoon.

Meanwhile...

The swearing CEOs of AMZN, FB, GOOGL, and AAPL

The FOMC was mostly a non-event, with Powell deeming the forward path for the economy as being 'extraordinarily uncertain, and noting he is not... 'thinking about, thinking about, thinking about raising rates'. The only thing of historical note...

More boxes than an Amazon warehouse

The afternoon saw the SPX push to 3264, and settling sig' higher at 3258.

Volatility was subdued, the VIX melting lower, settling -5.3% at 24.10.
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The London skies remain notably absent of planes

Twilight moon

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Leaning weak ahead of the fed

US equity indexes closed broadly weak, sp -20pts (0.6%) at 3218. Nasdaq comp' -1.3%. Dow -0.8%. The Transports settled -1.2%.

sp'daily5

VIX'daily3

Summary

US equities opened in chop mode, leaning on the weaker side. The SPX saw a morning low of 3221, and then upward into the afternoon to 3243.

Meanwhile...

It was day'1 of the FOMC. Clearly, no policy change can be expected. However, its probable the CEO of Print Central - Powell, will reiterate his support for further fiscal stimulus. 

Wargames (1982)

No doubt the Fed is ready, willing, and able to buy another $1trn or more of US t-bonds. I have to wonder what the Fed version of the WOPR is projecting for the US election, and into 2021?

The late afternoon saw a moderate cooling wave. Volatility picked up into the close, the VIX settling +2.8% to 25.44. Wednesday afternoon should offer some drama, and who doesn't like that?
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A fine end to the day

Next full moon is August 3rd

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A Golden start to the week

US equity indexes closed broadly positive, sp +23pts (0.7%) at 3239. Nasdaq comp' +1.7%. Dow +0.4%. The Transports settled +0.9%.

sp'daily5

VIX'daily3

Summary

US equities opened in chop mode, but did claw upward into the late afternoon. Volatility was itself subdued, the VIX settling -4.3% to 24.74. 


Meanwhile...

Gold broke above the Sept'2011 historic high of $1923s, printing the $1941s. Today's cooler dollar in the DXY 93s certainly helped.

Gold, monthly'3

Psy'2K could clearly be seen before end month. Next big target is the 2400/500 zone.

Your views...

88.2% of you expect Gold to break above 2K before year end. With gold already breaking a new historic high, yours truly is open to 2400/500 before year end.

Around a third of you expect Silver to max out within the 25/29s.

Its not surprising to see Barrick Gold as the leader... and the leader is it, if not in price (still to break new historic highs), but underlying fundamentals.

--
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Goodnight from London
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