More sideways chop.
News:
When all else fails, rent a helicopter.
Such is the competitive world of advertising . . . and high-profile IPO listings.
"Snap Inc, Snapchat's parent company, is eyeing a spring debut that may peg its value as high as $25 billion, sources have told Reuters. It would be the biggest U.S. tech IPO since [the] Facebook in 2012."
(I added the brackets, because, as you know, it always will be the Facebook here.)
. . . $25 billion . . .
If it's anything like the Facebook's IPO, Snap might disappear after 10 seconds.
After all, we're looking kinda toppy.
Edward R. Dewey coined the Skyscraper Indicator back in the 1940s to describe the euphoric surge in social mood that he felt was the impulse behind the "race to the sky."
Coupled with yesterday's Incredible plans unveiled for world's first 'floating city' in the middle of the Pacific Ocean, we now have a clustered troika of social mood indications that suggest we should take the next market high very seriously.
FX:
Yesterday's USD action messed with a lot of the latest narratives, namely that the dollar is toast and that treasuries and gold are set to rally into infinity. Things have calmed down, and Yellen may walk it all back, but the charts are doing the talking once again.
Bitcoin up slightly in US but ripping in China, up over 6%.
Treasuries:
Those topping tails finally spoke. Friday's were swing points were broken across the curve. The treasury rally therefore looks "not impulsive" thus, corrective.
Yes, there is little volume. But structure may have just spoken louder.
Energy:
WTI crude choppy rally. NG down.
Metals:
Down across the board but for palladium.
S&P Outlook:
No such deep retracement yet, as mentioned yesterday. Just more pre-Trump chop. Yellen will speak again today, this evening, after the close. Tomorrow could be interesting.
Only two levels matter to me at this point: 2300 and 2240-2250. Not much else.
Would look to sell higher and buy lower.
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