Thursday -- Norway, TV, Yellen, And Maybe A Dove

S&P E-mini Futures:
Down hard, but looking like they're trying to bottom.

News:
Jobless Claims and Durable Goods orders at 8:30am NY time.

New Home Sales at 10am.

Yellen's speech at 5pm.

Falling oil prices are good for us little people, but not so for governments bent on "managing" inflation.

Norway’s central bank just cut rates to an all-time low and said it may cut even further. Norway is western Europe’s biggest petroleum producer, and the plunge in oil prices is very challenging to them.

Could higher oil prices mean higher demand?  Or perhaps it's got something to do with money flows, otherwise known as credit and debt.

Oh, I was on TV last night.

One of my neighbors -- a talented musician here -- was on Puerto Rico's version of Saturday Night Live. Happened to bump into him yesterday afternoon and he said, "Would you like to go with me?"

I thought it would be a quick 5-minute segment and that we'd hangout in the green room for a bit and leave. No.

It was three hours. He was the musical guest for the show and played in-between skits the entire time while I was in the audience, front row, smashed between two groups of screaming fans from nearby towns trying to out-do each other. The camera must have passed by me thirty times.

Even with my limited Spanish it was a very funny show. They even put his actual phone number on screen several times and he got calls for gigs and from fans during the ride home. Fun night.

FX:
NOK, as expected, weaker vs USD by 1.6%. But unexpected is CHF strength and JPY strength. Something rumbling below the surface perhaps.

Treasuries:
Higher prices, lower yields across the curve.

Energy:
WTI crude got smacked yesterday and has not bounced yet. NG neither.

Metals:
Gold and silver firm in the face of another copper digger (but one that has so far held above recent lows).

S&P Outlook:
Still like the 1920-1925 area. Markets seem jittery ahead of Yellen, so best not to make too many speculations beforehand. But in general am looking to be a buyer soon. 1903.07 is still a stop.

Waves are choppy. Volume is low. People sound scared. And Yellen really screwed up. So if there was ever time for a dove to appear, today could be the day.