US equity indexes closed somewhat mixed, SPX +13pts (0.4%) at 3855. Nasdaq comp' +0.7%. Dow -0.1%. The Transports settled -0.05%.
sp'daily5
VIX'daily3
Summary
Equities opened a little choppy, if leaning on the upward side. The gains were shaky though, with the market seeing a very significant drop into the typical turn time of 11am. That washout filled a downside gap - from last Wednesday, with the SPX spiking-flooring from 3797.
The hypocritical mainstream
Gamestop (GME) was the leading story on the CNBC lunchtime show...
Regarding Wallstreetbets and its posts on Gamestop, Joe Terranova argued "There is something inherently wrong within the regulatory structure, if this can be allowed".
Really Joe? This is grossly hypocritical, as he is seemingly fine with Morgan Stanley's Katy Huberty touting 'buy AAPL, 144>152', but gods forbid if someone from the non-mainstream publish an outlook.
Indeed, I have to wonder if someone like Terranova would like some degree of Government regulation for yours truly even posting a chart on Twitter?
Notably pushing back about this hypocrisy was...
... the Cramer, who was loudly touting the posts on Wallstreetbets as protected under the second amendment. Indeed... they are, and the Cramer deserves praise.
For posterity.... Gamestop, 5min, 3 day
A new hist' high of $159.18, but imploding to $61.13, and settling +18.0% to $76.74. On any basis, it was still a powerfully bullish day.
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The afternoon saw considerable chop, and that can be expected to broadly remain so into the Wed' 2pm FOMC announcement.
Volatility saw a spike to 26.63 with sp'3797, if cooling back to settle +5.8% to 23.19.
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| Melting away |
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| Full moon is this Thurs', Jan'28th |
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Goodnight
from London
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