US equity indexes closed broadly higher, SPX +55pts (0.9%) at 6795. Nasdaq comp' +1.4%. Dow +0.5%. The Transports settled +0.5%. R2K +1.2%
SPX - daily
VIX - daily
Summary
US equities opened broadly lower, but whilst overnight the ES was -160pts or so, the bears could only muster 6636. There was a rather powerful late day ramp to 6810, and settling at 6785.
Volatility was very mixed, the VIX printing an opening high of 31.84, but cooling back to settle -13.5% to 25.50
It was a bearish week for US
equity indexes, with net weekly declines ranging from -6.2% (Trans), -4.2% (NYSE comp'), -4.0% (R2K), -3.0% (Dow), -2.0% (SPX), to -1.2% (Nasdaq comp').
Lets take our regular look at six of the main US
indexes (monthly candle charts)
sp'500
Nasdaq comp'
Dow
NYSE comp'
R2K
Trans
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Summary
All six US equity indexes were net lower for the week.
The 'old leader' - Transports, lead the way down, whilst the Nasdaq was most resilient.
More broadly, five of six indexes are trading above their respective monthly 10MA, the exception being the Nasdaq.
All six indexes have positive monthly momentum, but momentum is weakening, and due to turn negative, starting with the Nasdaq and SPX
Those naive partisan fools who believed the war would last a mere day or two, are starting to realise it will last weeks... if not months. Such war hungry psychopaths are no doubt hoping for news that ground troops will be deployed.
Oil has already printed the $92s, set for giant psy' $100, perhaps this coming Monday. More broadly, oil appears due far higher levels, to take out the July 2008 hist' high of $147. $200 oil is no longer to be seen as Krazy talk.
It should be clear the global economy won't do well with a massive ramp in energy prices, never mind possible outright shortages, with the threat of 'energy lockdowns'.
The probability of a March 18th rate cut has jumped, not least after lousy jobs data. El Presidente's recent notion that Q1 GDP might print 4 or 5%, was always pure fantasy land. How long until the mainstream cheerleaders and 'smart guys', start speculating about a 'mild recession' ?
Wild, scary, and ever more bizarre times are now underway. If anything, we should order more popcorn, for what is episode 3 of season 2026 of 'Planet Krazy'.
US equity indexes closed significantly lower, SPX -90pts (1.3%) at 6740. Nasdaq comp' -1.6%. Dow -0.9%. The Transports settled -3.5%. R2K -2.2%
SPX - daily
VIX - daily
Summary
US equities opened significantly lower, with the SPX printing 6711, and bouncing to 6773. The afternoon saw considerable chop... if settling sig' lower at 6740.
Volatility picked up, the VIX printing 28.57, cooling to 25.31, with a late day ramp to 29.93, and settling +24.2% to 29.49. –
