It remains a nasty market

Despite the BoJ upsetting Japan - and indeed, most EU markets, the US market only opened moderately lower. The fact the market then saw a classic opening reversal was a fierce reminder to just how nasty this market remains. Even the latter day weakness was small solace to those still resolutely holding short.


sp'weekly1b

sp'monthly1b

Summary

A net weekly decline now looks probable, not least as last week's low of sp'2077 was decisively broken under in today's closing hour.

Now its merely a case of whether the equity bears can attain a monthly close in the 2070s.. the very viable 2060s... or even the 2050s.

For a net monthly decline, equity bears need <2059.

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Special mention for Japan - Nikkei, monthly

With the Thursday decline of -3.6%, the Nikkei is now moderately net lower for April, and remains broadly weak since last summer.
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Looking ahead

Friday will see a rather important quartet of econ-data - pers' income/outlays, employment costs, consumer sent', and most important of all.. the latest Chicago PMI.

The market is seeking a non recessionary 53.4, which does seem somewhat overly optimistic. I'd not be surprised to see a number under the key 50 threshold.


*Fed official Kaplan will be talking about monetary policy in London city in the early morning.

yours truly will not be attending.

Goodnight from London