S&P E-mini Futures:
Slightly down in continued choppy trade.
Markets:
Mixed in Asia (but hey, China up). Europe mostly green.
The media has gone fully nuts:
Here’s why stocks could rally if President Trump heads for the exit (Marketwatch)
They rallied "because" he was elected? Now they will rally more if he resigns?
Circular logic.
US CPI rose .02%. Core CPI rose .01%, slightly lighter than expected.
Mood:
Witness the effects of peak social mood:
China Stocks Are Tumbling Again. Unlike 2015, World Doesn't Care
The $1.7 trillion Chinese bond market just went inverted for the first time ever.
Complacence can last a bit longer.
FX:
CHF & JPY continue to warn through strength.
Treasuries:
The bounce took hold yesterday. Now needs follow through.
Energy:
WTI crude a bit higher. NG a bit lower.
Crude needs to stay above 42.20 in my opinion.
Metals:
Solid green festival.
S&P Outlook:
If you blinked you missed yesterday's decline. Not so sure it's fully over.
Mindful of lower gaps: 2374.15 and 2348.69. Some 61.8% Fib support and volume shelves down there too.
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