Slapped down but so far holding above yesterday's lows. Probably meaningless in the context of the day, however.
News:
Two words. Fed. Patient.
One more. Pathetic.
Commentary:
"Activists are targeting the European Central Bank (ECB) as a symbol of capitalism, as well as over its part in restrictive austerity measures in financially-troubled countries such as Greece...
"Around 10,000 anti-capitalist protesters, marching under the banner of leftist alliance Blockupy, are expected to attend the rally, with a march through the city planned for later in the evening." (emphasis mine)
Make no mistake, these are socialists protesting for more socialism.
There is no capitalism with central banking.
The sad thing is that capitalism takes the blame for nutjob socialist policies.
Elsewhere, Christine from the IMF is out with some friendly advice for emerging markets.
If you doubt that the global village is already in existence, look no further for proof that NGOs are indeed mouthpieces of policy for global powers that are largely working together. So Christine is basically in the PR biz. Yay.
What is she saying? That the lead central bank -- the Federal Reserve -- is about to take its chips off the table and that all you EMs need to get ready for the giant sucking sound.
She helpfully mentions the Taper Tantrum from 2013. Remember the Big Head Fake?
"I am afraid this may not be a one-off episode," she offers.
Amazingly, she even provides details.
"This is so, because the timing of interest rate lift-off and the pace of subsequent rate increases can still surprise markets."
Christine may suddenly sound like one hell of a trader, but these sound like talking points to me. And her own helpful emphasis may be the central points of the central bankers.
In other words, central banking's private shareholders are through with throwing good money after bad.
FX:
USD hanging tough. Scandies big movers (weakness) on another Riksbank interest rate cut.
Treasuries:
Prices up across the spectrum, the opposite of higher rates. Another Head Fake brewing?
Energy:
Crude and NG still in trouble.
Metals:
Gold, in my opinion, still heading to 11-teens at least.
S&P Outlook:
The more I study other charts (Dow, Nas, Russ, DAX) the more I think we're still in a wave-b of 3 heading to 5. The deep pullback of the S&P tempts me to label it as if "3" is already in, but the other charts caution me not to.
That said, it may still be vulnerable to a flush, but I would be a buyer using 1980.90 as a hard stop.
"Friendly advice" is one of my favorite songs from one of my favorite bands ever, Luna.
How long will this go on . . .
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