S&P E-mini Futures:
Down hard. Global Risk Off.
It's the yen man.
And here in Puerto Rico, it's the GDB, the Government Development Bank, which just announced a moratorium on debt payments. This should shock the system pretty good and cause a cascade of events both here and on the mainland. It's the tip of a $72 billion iceberg.
Finally the markets got a global wake up call from JPY which surged after slowly strengthening for several days.
Price higher, yields lower. Probably better than the corollary on a day like this.
WTI crude achieved the 35 area as expected. NG has not achieved anything higher, as expected.
PMs loving the Risk Off tone thus far, yet palladium flat. And copper up, but up slightly.
Today 2059.24 should break and yield at least a test of 2030-2040. It still appears there are more subdivisions left to go for higher prices, but the action lower should be a fourth wave of some sort.
The cautionary thing is that the market could fall a long way before it signaled a break in the developing up trend. For now, 1969.25 seems like a probable line in the sand.