Two 10 point swings overnight in the futures. Who knows what was going on, but it's just zany. As for what it may mean for the regular cash session, I can only say that I don't think the highs of the bounce have been seen, nor do I think the extent of backing and filling is over. There is a Fibonacci confluence area at roughly 1372, for instance. To the upside, 1400 and 1430 are quite achievable.
I'll leave you with a quick video of Kyle Bass speaking at UVA. His comments regarding Japan are extraordinary. I keep a close eye on Japan because that's where we're headed: deflation.
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