Wednesday 15 March 2023

Midweek depression

US equity indexes mostly closed on a weak note, SPX -28pts (0.7%) at 3892. Nasdaq comp' +0.05%. Dow -0.9%. The Transports settled -1.0%. R2K -1.6%.

SPX - daily

VIX - daily


US equities opened very significantly lower, largely pressured by European markets. 

The early weakness was despite the latest PPI data, which came in rather good...

PPI y/y: 4.6% vs 6.0% prior
Ex food/energy y/y: 4.4% vs 5.4% prior

In any case, equities spiraled, the SPX printing 3838, but with a late afternoon recovery to settle moderately lower at 3891.

Volatility remained elevated, the VIX printing 29.91, but cooling back to settle +10.2% at 26.14.

Whilst many of you partisan hacks would like to believe otherwise, the reality is that Rome continues to burn, as exemplified on the streets of Philadelphia...

Extra charts in AH (usually around 5pm EST) @

Goodnight from London

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