Bouncing but not looking impulsive, which would suggest further lows.
News:
ECB QE may already be in doubt with Goldman, SocGen, and Scotiabank all chiming in with facts against it.
I continue to think Greek bank runs will outpace the Troika's efforts to reach a conclusion.
FX:
A survey of economists by Bloomberg suggests Bank of Japan needs to drive the yen to 140 if it wants to secure a 2% inflation target next year.
But this was the ominous action on yesterday's "strong dollar" narrative.
Treasuries:
5s and 10s are pausing after two-day rallies. These need to rip, or face potential trouble.
Energy:
Both crude and NG are catching modest bids in key areas (where they need them), but both need to stage significant rallies to flip my bias.
Metals:
Gold looks terrible.
S&P Outlook:
So much for a turnaround yesterday. But even without it, the S&P still looks corrective rather than impulsive.
If the S&P cash breaks 2041.88 -- and it looks like it could -- it won't sink "scenario #1" but could end up being more bearish eventually. If we're in "b" of 3, the rally will last longer. But if 3 has already been put in, a potential top could be that much closer . . .
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