Higher after yesterday's crush.
Fed Beige book is out today at 2pm NY time. Tea leaves will be scoured for any possible Dovishness in hopes of a September rate cut postponement or any possible hint of QE4.
JPY has healed enough for a modest rally in equities. Very high correlation with S&P 500, especially E-mini futures.
2s and 5s still look a bit shaky vs 10s and 30s.
WTI crude down another 1%, almost 10% off its recent highs. NG still looks uncertain.
Gold and silver not catching bids.
Still believe yesterday was a buy setup, although a difficult one. UVXY did explode and did pay for my SPY 195 calls by more than 2X, and that's all I cared about.
E-minis have printed a beautiful 5-waves up from yesterday's lows. So the bears will have their hands full. Viewing 1903.07 as a stop for now on the cash S&P.
If the B-wave scenario is correct, 2000 could be seen by Friday, ahead of the long weekend.
Social Mood Alert:
Russian billionaire Andrey Melnichenko spent $450million on his latest superyacht (sounds more like a supership).
What do you do when you have £6 billion to spend? Russian billionaire splashes out on £292 million superyacht he designed himself to enjoy with his supermodel wife
"Sailing Yacht A" boasts eight decks, a glass observation area, is 468 feet long, and weighs 14,224 tons.
She will have a crew of about 54 people and will be the largest privately owned sailing yacht in the world.
The masts are taller than Big Ben's tower and its sails are bigger than a football field when all are flying.
Supposedly it will dwarf other famous super-yachts like The Maltese Falcon, owned by American venture capitalist Tom Perkins.
With all her biggest, largest, and best-est features, Sailing Yacht A, may be sounding a very loud social mood alert similar to Edward Dewey's Skyscraper Indicator popularized in the 1940s.