Wednesday -- DB, IMF, Stiff Bull

S&P E-mini Futures:
Holding on to modest gains.

News:
Deutsche Bank having a much better day thus far, yet a tepid response from E-mini futures. Maybe it was the flat Durable Goods Orders news.

They don't ring a bell at the top, but headlines like these appear:

Property market ‘is back to normal’

"Standard Life Investments has become the latest [UK] financial institution to announce plans to reopen its suspended property fund after declaring that the commercial property market had stabilised."

Check out this latest whopper from the IMF which wants more globalization to remedy the negative opinion of globalization:

IMF study warns free trade seen as benefiting 'only a fortunate few'

"The International Monetary Fund has warned that free trade is increasingly seen as benefiting only the well-off and that help is needed for those whose job prospects have been damaged by globalisation in order to put fresh momentum behind removing barriers to international commerce."

Where are all the barriers? This herbal Viagra coffee stuff is from Malaysia, and might be the perfect metaphor for the aging bull:

Stiff Bull

FX:
Slight tilt toward USD strength, along with CHF.

Treasuries:
2s & 5s showing much less volume than 10s & 30s, which could end up as inversion if it deteriorates.

Energy:
WTI crude higher on increasing hope of OPEC harmony. NG continues to backfill from its recent high.

Metals:
Once again, metals under pressure with palladium and now copper leading.

S&P Outlook:
2139.57 held yesterday, which should keep pressure on higher prices, yet the action was largely unconvincing.

No reason price can't test higher before lower. And since it hasn't broken, no reason why it can't be in wave 5 to new highs.

Not leaning that way, however. Still thinking lower needs a look at least.