Tuesday, 17 November 2020

Weak leaning chop

US equity indexes mostly closed on a weak note, sp -17pts (0.5%) at 3609. Nasdaq comp' -0.2%. Dow -0.6%. The Transports settled +0.3%. 






US equities opened on a moderately note, with the SPX cooling to 3602.


Dorsey, p/t CEO of Twitter

Along with Zuckerberg of Facebook, Jack Dorsey of Twitter faced questions from the US Senate. Naturally, it was very political, with the left complaining certain accounts (such as Steve Bannon) haven't been deleted, whilst the right were arguing both platforms are left leaning. 

Whilst I'm no fan of Zuckerberg, I do have some sympathy for Dorsey. If you listen to the guy - he has done two extended interviews with Joe Rogan, you'll understand he is actually pretty balanced. Dorsey faces an impossible task to satisfy everyone, not least his own employees, almost all of whom are fiercely anti-Trump.

Ohh, and if President Trump doesn't have things swing his way via the courts, I'd expect him to get the boot from Twitter. If that occurred, it should be clear the algos would nuke the stock within 0.5 seconds.

The afternoon saw a recovery to 3623, with considerable chop, and a moderate cooling wave into the close.

Volatility picked up in early morning, but only to 24.09, the VIX settling +1.2% to 22.71. With OPEX this Friday, broad chop could be expected.

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

Goodnight from London

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