I’ve been away for a week and a half and although I hate to say it, this has not been the most motivating return. Main themes haven’t really changed much and volumes are still very mid-summery (down ~35% vs the last 20 days). Europe remains in the ranges (yet still nice to see the SXXP up +1.3% from when I left). You will all have seen the S&P new all-time closing high overnight - this time it comes with a BUT!.... Encouraging as it is that it cleared February’s peak of 3386, not only were the Small and Mid Cap indices down on the day but the S&P Equal Weight index was down 48bps on the day and for the S&P 1500 it was a 75% down day (only 25% of stocks up on the day). All in all unconvincing and we can't say yet that it is clearly bullish.
The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.
Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.