Wednesday -- The New New Economy: Different This Time, All Over Again

S&P E-mini Futures:
Down sharply, but off their worst levels.

Markets:
Asia and Europe red. India green. Metals and commodities up on USD breakdown, and VIX liking equity turmoil.

For the fifth time in the past few months, the Facebook has acknowledged either overstating or understating ad metrics.

According to the WSJ, the Facebook is issuing refunds to some advertisers after discovering a bug leading it to overstate clicks on the advertisers' websites which were mistakenly registered as advertiser website clicks.

Media buyers have jumped on the social media bandwagon because it's hot. At some point, that perception will change, and so will the fortunes of these companies.

Mood:
I could not believe my eyes when I read this. Then I realized the writer was serious (I think):

American Gods

Our belief in the new thing...

Our new beliefs...

A new Pantheon...

Our new Gods...

Wasn't this already written about the New Economy in 1999?

Is it really different this time, all over again?

FX:
USD index broke a key level this morning, 97.94, and has opened the door to some bad scenarios.

CHF & JPY strength continues to be a red flag.

Treasuries:
Bid.

Energy:
WTI crude and NG up in unison.

Metals:
Gold, silver, and platinum higher. Copper and palladium lower.

S&P Outlook:
Posted this chart late yesterday.

Here's a different version even though they both suggest similar things.

Got stopped on some QQQ puts yesterday. Will wait for a clearer tell.