Tuesday, 22 December 2020

Crumbs for the serfs

US equity indexes mostly closed on a weak note, SPX -7pts (0.2%) at 3687. Nasdaq comp' +0.5%. Dow -0.7%. The Transports settled -0.2%. 

sp'daily5


VIX'daily3


Summary

US equities opened in chop mode, and remained that way across the day. The Nasdaq comp' broke a new hist' high. Volatility was muted, the VIX settling -3.7% to 24.23.


Meanwhile...

Stimulus bill four was passed, with another $900bn (around half likely financed via Fed printing) to be spent, but a mere $600 per US citizen. As a number have noted, 250M @ $600 is roughly $150bn. So, what about the other $750bn?

Many on Twitter sure weren't happy about the following...


Interesting huh?

Dore with Ratigan on stim' bill 4.


I don't care whether you like Dore or Ratigan... their points are valid. Whilst the mainstream media hacks touted further stimulus, its really a case of crumbs for the serfs.

Perhaps this sums things up...


Unlike a one year membership to the jelly of the month club, $600 is NOT... the 'gift that keeps on giving'.


Back in the 1980s, things were far simpler... in the twilight zone, not least around Christmas time.


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

Goodnight from London
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