Dipping after yesterday's late day run.
News:
Asia was mixed last night. Europe has turned negative. Markets feel a bit jittery.
Draghi speaks at 1pm NY time, and Yellen speaks tomorrow at 10am.
ISM report at 9:45am, and Factory Orders at 10am.
The VW emissions scandal is spreading to Porsche and Audi. And the Valeant Pharmaceuticals drama is getting deeper and deeper. These are hallmarks of bear market psychology and should be taken into account when considering the tentative Wave 3 count below (in other words, news flow continues to suggest a B-wave).
FX:
AUD & CAD higher. EUR lower. USD higher.
Treasuries:
Curve continues to point toward inversion. September swing points in the crosshairs for now.
Energy:
WTI crude & NG higher.
Metals:
Gold, silver, and copper lower.
S&P Outlook:
From October 29th:
Updated:
I continue to build a TVIX position as a perpetual "put option" on the market while hedging against it with long e-minis and leveraged ETFs. Still regarding 2063.11 as an important stop level.
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