Giving back some overnight gains.
Mostly green in Asia and Europe with notable exceptions being China and France.
More Fedspeak today:
George, Yellen, Kaplan, and Powell speak today.
Bloomberg's Richard Breslow has captured the current fourth wave "surprising disappointment" quite well: "When stocks go down, everyone still goes into 'The sky is falling' mode."
Seeing a lot of Elliott wave counts leaning toward "the top is in." I'm not there. It would be the most perfectly telegraphed top in history.
Bitcoin up another 2%, holding above 1000.
USD firming. CHF & JPY stronger as well.
The way volume is disappearing suggests the recent rally is a bounce, possibly another ABC variety, before lower prices to follow. Patience required.
WTI crude rallied when and where it needed to, up over 1% currently. NG down.
Gold and silver higher. Platinum, palladium, and copper down. Thinking the latter, with their heavy industrial usage, are sending the most consistent macro signals that the "synchronized global rebound" is a mirage.
VIX may have spiked yesterday, but quickly gave it all back, and is still demonstrating as much complacence as the richkidsofinstagram.
Thinking we've either made, or are close to making, an "A" low of a larger ABC, or possibly the fourth wave (iv) low itself (lower odds). So far it's looking like the A-wave.