The collision of global markets and social mood

Thursday, July 23, 2015

Thursday -- Not A High Probability Area

ES Futures:
Flat and sloppy looking.

Little news but for continued earnings idiocy (great looking EPS coupled with not-so-great revenue & sales, unless it's a drug company).

Greece overwhelmingly approved the Troika conditions in order to start third bailout discussions, even though they probably have zero intention of putting the conditions into effect.

Ferrari doing an IPO . . . an absolute sacrilege.

USD weaker, EUR, JPY, CHF stronger.

Trending toward very slight yield flattening. Not a good trend if it ends up as inversion.

WTI crude sub-50. NG no joy yet for 2.955.

Gold not finished down.

S&P Outlook:
It is possible that a small ABC correction is in play from the most recent rally highs with B and C still to come.

Or it's close to ending.

Or it's something else entirely.

A deeper retracement would look better, in keeping with the 3-wave structures in place since October. Still like 2077 area.

The point is that the market is not currently in a high probability area.

Internal warning signs continue to mount.

Not confident in yesterday's note regarding the 27th of July.

A better setup may be a rally to new all-time highs into August expiration.

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