Choppy.
News:
Asia and Europe were mixed last night. Probably trying to figure out why "the world's biggest sovereign bond market is inverted both at the short-end and the long-end."
That's right, Japan. A mess.
Fear not, Brazil's Rousseff "will never resign."
Fear this, Helicopter Money Takes Flight as Latest Drastic Monetary Idea
ECB President Mario Draghi calls it a “very interesting concept.”
It's really the latest indication that the world's central banks have gone mad and are growing increasingly desperate in the face of failure.
Marketwatch -- "Terrorism may have grown so routine that markets barely shrug."
Maybe it's that the formula for the attacks has gotten so predictable. From The Independent in London:
USD ripping higher. Remember, it's toast.
Treasuries:
Charts as messy as the fundamentals underlying credit markets.
Energy:
WTI crude down 2% ahead of API inventories. Could be volatile. NG higher.
Metals:
Gold taking a digger over 2%, silver, platinum, palladium, and copper getting hammered too.
S&P Outlook:
Still thinking 2040 is the near term line in the sand, below which would put the focus on 2024.57. Below that level there is volume support at 2017 and 1977.
As mentioned yesterday, the wave structure would look pretty weird below 2024.57, so be prepared.
Otherwise, today is the full moon and Friday is a holiday, so there is probably a good chance for the market to hang at highs.
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