Thursday, June 18, 2020

Morning Note: Not for the Faint of Heart

Asian equities, save for China and India, closed in the red overnight, Europe's selling off across the board and U.S. equity futures are pointing to a down open this morning.

The VIX (volatility) is up 4.42%. Per yesterday's video, a market sporting a VIX at 34.95 is not for the faint of heart.

Oil's flat, gold's down $2, silver's down 1%, copper's down a titch, ag's mixed. 

The dollar, as the commodity action would suggest, is down .2% this morning.

U.S. jobless claims came in higher than expected, 1.5 million; continuing claims did as well, 20.5 million. Seeing such numbers amid a stock market priced like its 1999 is, well, let's say troubling.

S&P 500 Price to Sales Ratio:

I'll probably lighten up on the blog a bit today; will be deep in the weeds scoring our foreign macro indices.

Have a great day!

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