Thursday 23 March 2023

The dumb smart guys

US equity indexes closed rather mixed, SPX +11pts (0.3%) at 3948. Nasdaq comp' +1.0%. Dow +0.2%. The Transports settled -0.2%. R2K -0.5%. 

SPX - daily

VIX - daily


US equities opened broadly higher, with the SPX building very significant gains to 4007. The gains were on considerable chatter from the 'smart guys' that the Fed has/near completed its rate hiking cycle.

Again, these are the same lunatics, who were calling inflation as transitory in late 2021, and have recently been calling for a soft landing. 

Its incredible how those who have been consistently wrong, are still having their opinions and outlooks taken at all seriously.

From SPX 4007, there was some rather strong cooling into the late afternoon to 3919, and settling at 3948. 

Volatility was very mixed, the VIX seeing an 11am low of 20.16, spiking to 24.91, and settling +1.6% to 22.61. 

Yesterday's (SPX) powerful bearish engulfing daily SPX candle did play out... if not initially. I'd note today's turn was from around 11am... which is a typical turn time, the secondary being 2.30pm.

Yours... awaiting the weekend



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