S&P E-mini Futures:
Firm ahead of Fed Minutes.
News:
Fed minutes at 2pm NY time.
US CPI data showed slighter hotter inflation readings, yet peeking under the hood, it was a sharp rise in prices of medical products that did the trick. Yet more government policies at work.
Not only are Silicon Valley valuations plummeting, but they may be spreading to the general market. The underwriters of a $5.5bn LBO by Carlyle Group just postponed a deal to buy data-storage business Symantec. Mood is changing.
Asia was mixed last night. Europe is red.
FX:
USD index still has not cracked 100.
Treasuries:
Still a low volume rally, perhaps reflecting a bit of pre-Fed minute confusion.
Energy:
WTI crude higher on inventory drawdown but not looking too strong otherwise. NG digesting gains.
Metals:
Gold, silver, and copper submarine races.
S&P Outlook:
There was no overlap yesterday at 2068.24. All options are on the table. Still feeling current action is a "B" of a still-developing ABC down with "C" yet to come after a few days.
"C" could crack 2000 no problem, freak everyone out, and be a counter-intuitive buy.
If wrong, lower for longer, TVIX higher.
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