Friday -- DB, And Now ING, On A Friday, With a Zorin Bonus

S&P E-mini Futures:
Bouncing from overnight lows.

News:
Deutsche Bank bouncing in what may be a temporary relief rally. Lehman and Bear Sterns had many of them.

Now bank trubs might be spreading to the Netherlands where ING Groep NV, the largest Dutch bank, fell the most in two months after news that the company will announce thousands of job cuts next week. Again, as yesterday, more odd behavior, especially for lightening the payroll.

FX:
USD strength thus far, yet JPY and CHF weakness sending potential all-clear signal. If there is a big problem at Deutsche Bank, FX is playing it mighty coy. (Libor too)

Treasuries:
Candlestick topping tails on 2s-30s thus far.

Energy:
WTI crude volatility continues in OPEC aftermath. NG sliding further.

Metals:
All green among the Big Four with silver the standout, up nearly 3% currently.

S&P Outlook:
Choppy price action. New moon today and third-quarter window dressing providing cross-currents in addition to DB and now ING jitters.

In that the S&P was repelled by a 78.6% level, perhaps its inverse will come into play at 2132.15.

Once again, the Dow was repelled by its 2015 record high, 18,351.36, this time as upper resistance. Very ominous price action and a huge warning that the big bullish breakout of 2016 is nothing more than a false breakout.

Notice 2132.15 is just below the S&P's equivalent 2015 record high of 2134.72. It needs to hold that level.

5231.94 is the 2015 high on the NASDAQ, and it too has been flirted with too much for comfort, and has already closed below it on a monthly basis. The Dow could do so today and also make it a quarterly close below it. Ditto the S&P, though it would have more work to do.

Serious business...on a Friday...with the largest European bank looking like it wants to go banko along with the world's largest derivatives book...and potentially the entire highly-levered banking system.

Nothing has changed since 2008. It's only gotten worse and more systemic, by multiples, with the added wrinkle of depositor bail-ins provided by the globalists.

Globalists should be called out for who they really are: a world-wide white-collar highly organized crime syndicate.

If you want to know what they really think of you and me, watch the final scene of A View To A Kill when Zorin guns down his own employees trapped like rats before he blows up his own mine.