US equity indexes closed very significantly higher, SPX +79pts (2.0%) at 4057. Nasdaq comp' +2.7%. Dow +1.6%. The Transports settled +2.9%. R2K +2.2%.
SPX - daily
VIX - daily
Summary
US equities opened on a positive note, and built very significant gains into the afternoon.
Meanwhile... reflecting back, to just over a year ago...
It was barely a handful of months later, that Powell would begin the 'Transitory' nonsense.
... with Aunt Janet... similarly a believer in 'transitory'. I'd note the US 10yr, having since doubled.
Further, many of the mainstream cheerleaders are still in denial of the recession...
I hold to that, as based on recent econ-data and various corporate outlooks, Q2 GDP might come in -2.5% or worse. Ohh, and do you think Q3 will be better than Q2 ?
-
The late afternoon saw the SPX print a new bounce high of 4075.
Volatility was ground lower, the VIX settling -3.1% to 27.50.
–
Extra charts in AH (usually around 5pm EST) @
https://twitter.com/Trading_Sunset
Goodnight
from London
--
If you value my work on Blogger, Twitter, and would like more of the same, then subscribe to my intraday service! For details and the latest offers, see: https://www.tradingsunset.com
