US equity indexes mostly closed positive, SPX +32pts (0.5%) at 6964. Nasdaq comp' +0.9%. Dow +0.04%. The Transports settled -0.7%. R2K +0.7%
SPX - daily
VIX - daily
Summary
US equities opened a little choppy, but all the bears could manage was SPX -27pts to 6905, before a rather significant upside reversal to 6980, and settling moderately higher at 6964.
Volatility was a little mixed, the VIX printing an opening high of 18.86, but ground back lower to settle -2.2% to 17.36.
It was a mixed week for US
equity indexes, with net weekly changes ranging from +8.7% (Transports), +2.5% (Dow), +2.2% (NYSE comp'), +2.1% (R2K), -0.1% (SPX), to -1.8% (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
--
Summary
Four indexes were net higher for the week, with two net lower.
The 'old leader' - Transports, powerfully lead the way up, whilst the Nasdaq was sig' lower.
The Dow, NYSE comp', and the Transports broke new historic highs.
More broadly, all six indexes are trading above their respective 10MA and have positive monthly momentum.
*With Monday 16th CLOSED, the preceding Friday will be inclined to be subdued on low vol
--
Final note
Tuesday through Thursday was rough, but Friday ended on a very strong note. Are we already back to 'everything is fine' mode, with net upside into March?
... and what about gold/silver? Thursday saw the precious metals receive another smackdown, if bouncing with the main market on Friday. I'm still very much mid/long term bullish the metals, but I'm very conflicted about the short term.
Many will understandably be focused on the Superbowl this weekend. There is something to be said for bread and circuses, to distract from the underlying horror of a disintegrating western culture.
