So... morning weakness.. but a latter day recovery, with the day ending broadly flat. Not the most exciting of days.
VIX continues to reflect a market that has little concern of anything, least of all the dissolution of the EU, weak growth/earnings, or ongoing NIRP in the EU/Japan.
Considering an array of US/world econ-data that continues to come in borderline recessionary, it remains bizarre that many believe the Fed will raise rates - whether in June.. or July.
WTIC oil, weekly
With the bi-annual OPEC meeting tomorrow, there is increased attention on oil. With Oil having broadly climbed from the $26s to briefly hit $50, there will be even less inclination for any of the OPEC members to agree on anything.
$50 oil is not sustainable, considering the ongoing over supply problem, and with global demand broadly flat. A post OPEC sell down looks probable, and that would help give equities an extra excuse to end the week on a particularly negative note.
Goodnight from London