Monday -- Borderless World, Icarus Again, Reality From Dallas, Tokyo Storm Warning

S&P E-mini Futures:
Gave up an earlier rally.

News:
China could be losing some of its market relevance: bad trade and lending data knocked the Shanghai Comp nearly 3% lower, yet Europe gapped higher and E-mini futures were positive for several hours.

Metals took a hit though. Iron ore especially.

Secretary of State John Kerry told graduates of Northeastern University: "You're about to graduate into a complex and borderless world," while UK Prime Minister Cameron said UK leaving EU could bring war.

Notice how shamelessly these globalists act as mouthpieces for the one-world fantasies of their masters.

Meanwhile, Treasury Secretary Jacob Lew landed in San Juan this morning, and predictably, the local politicians are taking him to visit a nearby elementary school and a hospital to show him the "humanitarian crisis." They better not take him out to lunch though, unless they want to go early so they can get a seat.

Ironically mentioned Icarus last Wednesday in It's Not Politics, It's FX. Check this out:

Daredevils plan to fly glider to the edge of space

"The Perlan 2 glider hopes to create aviation history by soaring to 90,000 feet higher than any plane has gone before." Social mood is beginning to soar to lofty heights, but probably still has a way to go. Stay tuned.

Missed former Dallas Fed president Richard Fisher on CNBC the other day, whom I always found refreshing. Great quote from him:

“When [the Fed] move — and I hope they move sometime in June — there'll be a settling in of the marketplace. There will be a correction. Suck it up. Deal with it. That's reality."

FX:
Tokyo Storm Warning -- JPY weaker after Japan's finance minister Aso said that Tokyo was "ready to intervene in the currency market if yen moves are volatile enough to hurt trade and the economy." *Great tune, but more crazy talk.

AUD & CAD weaker. USD higher.

Treasuries:
Flat to higher thus far after printing topping tails across the board on Friday.

Energy:
WTI crude has given up an overnight rally, while NG has fought off earlier weakness.

Metals:
Down hard on latest China data.

S&P Outlook:
Keeping it simple. Seeing a bounce that could at least fill the gap at 2081.43.

If not, there is support below at the 200dma currently 2012.98 and the 2000 psychological level.
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*Saw Elvis Costello debut Tokyo Storm Warning years ago at the Montreux Rock Festival and loved it.

After the show, saw Costello's legendary keyboard player Steve Nieve and drummer Peter Thomas at the bar while we were having drinks in Harry's New York Bar and got them to autograph the bill which became a treasured item for years. Enjoy.