S&P E-mini Futures:
Choppy and slightly down after Apple earnings letdown.
Asia and Europe mixed. Base metals down on yet more China concerns and USD firmness.
Fed decision today 2pm.
Apple earnings missed revenue targets last night. As Marketwatch put it, "Apple’s entire revenue guidance range is below analysts’ expectations."
It's good to have friends on Twitter. Today's social mood cues that were brought to my attention are just about perfect, possibly signaling peak euphoria:
-- A 600' Megayacht that was just contracted by a Polish billionaire that would be the largest private yacht in the world
-- The largest private sailing yacht in the world -- worth $465 million. The vessel is eight stories high and her 300' masts are taller than Big Ben
-- And the SEC just approved a 4X leveraged ETF designed to deliver 400 percent of the
daily performance of S&P 500
Such ebullient mood cues suggest we may still be in a minor third wave rally. As the market pulls back for a forth-wave correction at some point, we should expect mood cue to possibly wane in the fifth and final wave higher as we continue to transition from bull to bear at Grand Supercycle degree.
AUD hammered lower. JPY & MXN weaker, but not anywhere near as bad as Oz.
Prices have remained in place going on an eighth session.
WTI crude and NG trying to bounce. Crude in danger of breaking the rising wedge. Needs to rally.
All red. Even base metals today: iron ore, tin, aluminum, etc. as evidenced by AUD weakness.
Sometimes you need a big picture plan. Here's mine for the moment, until something gets proven wrong. Such as below 2361.37 without a new high.