Higher on stopgap budget deal.
Markets:
Not much open today except for USA markets. Most of Europe and UK closed for May Day.
Fed meeting Wednesday. Fedspeak Friday: Fischer, Williams and Yellen, and a debate with Rosengren, Evans and Bullard.
Mood:
A luxury weekend in the Bahamas filled with models, morning mediation, private villas, and rap music. What could go wrong?
Everything.
Ja Rule's Fyre Festival canceled as guests arrive to chaos at the event billed as lavish getaway: 'Nothing was finished'
Fyre Festival: When a $12,000 luxury festival in paradise turns into chaos
Fyre Festival, a Luxury Music Weekend, Crumbles in the Bahamas
A real-life example of the current fiscal and monetary illusion that plagues us, and the resulting misery when the illusion ends.
This story is perhaps the most significant social mood item out there at this time.
FX:
Not much but for AUD & NZD ripping higher.
USD in a tricky spot.
Treasuries:
Another day of weak prices, consistent with an ABC corrective structure.
Energy:
WTI crude down, NG up.
Metals:
Red all over.
S&P Outlook:
The percentage of stocks above their 50dma is dropping steadily as the markets rise.
This chart is the NDX but the S&P is the same story. NDX is simply getting all the hype because of Apple, Alphabet, Amazon, the Facebook, and Netflix.
As the broader markets peaked on March 1st, NDX kept going to higher highs. Or did it?
A/Ds have been fading in NDX, but not so on NYSE which is a proxy for the S&P 500.
Still, prices would look better with at least marginal new highs. 2361.37 remains the line in the sand until then.
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