US equity indexes closed very significantly lower, SPX -66pts (1.6%) at 3936. Nasdaq comp’ -1.6%. Dow -1.6%. The Transports settled -2.0%. R2K -2.9%.
sp’60min
Summary
closing hour action: pretty unstable price action, if ending on an outright ugly note. Red gap fully filled! S/t momentum turned negative.
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… and that concludes a Fed day. A new cycle high of 4039, but the late afternoon didn’t end so well. The daily candle was bearish engulfing, but more on that later!
Yours truly holds heavy-short, SPY MAY $394 PUTS
I’ll sleep pretty good with May
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notable bond yield proxy: TNX
Yields lower… I’d see the drop as ‘spurious’.
I still expect 5.0%
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notable horror: FRC
It appears there is no l/t future.
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notable bank: BAC
Another rate hike will help net interest income, but the consumer defaults remain due.
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notable stock: SCHW
Struggling…. and I have to expect this to unravel to around 26/25.
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notable eurotrash: UBS
The effective merger with Credit Suisse will likely be the death knell for UBS. The company is insane to have agreed to it.
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Here… the grey horror rolled into the city in the evening.
The fact I am struggling to walk (back issues) was an extra excuse to stay indoors, and focus on a SPY trade.
Have a good evening
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more later on the VIX and Indexes by 6pm EST