Equity Futures Fail To Surge Despite Ongoing Bad News Onslaught
That about sums it up.
In fact, nearly all the news you need as an antidote to the endless stream of cheerleading is there today.
Zero Hedge went straight at it: PMIs are signalling "a European triple dip recession."
MarkIt reported that now Germany, France, Greece, and Austria are in economic contraction as measured by PMI readings. Meanwhile, UK PMI just fell to the lowest level since 2013, to 51.6, still expansionary but well below consensus.
German Bunds, yielding just 0.93%, are pricing in deflation. There is no monetary inflation on the European horizon anywhere. This echoes the ill wind that blew in from Europe back in 1929.
The ill wind on these shores is being presented as the Ebola virus. To me it simply feels like a ruse to usher in mandatory vaccinations "for the greater good."
Arm yourself with oregano oil and colloidal silver and go outside and get some sun.
The 1959.16 1:1 Fib target remains, along with the first level of confluence at 1948.51-1952.86.
There is a slight chance of a bounce to 1980-1983, but I'm not feeling it.