US equity indexes closed very significantly higher, SPX +57pts (1.6%) at 3635. Nasdaq comp' +1.3%. Dow +1.5%. The Transports settled +2.3%.
sp'daily5
VIX'daily3
Summary
It was a bullish day in equity land, with the mighty Dow finally breaking above giant psy'30k.
Some perspective: Dow, 40yr (linear scale)
From a March low of 18213 to >30k, but that is after the fed cut rates to zero, and printed $3trn out of nothing. Monthly momentum has just turned positive, and is accelerating to the upside. There is little reason not to expect further upside into early 2021.
Volatility was naturally subdued, the VIX settling -4.5% to 21.64.
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| Skirting the rooftops |
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Goodnight
from London
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