A Macro View

Well the final assault on Everest has begun.  2065 is the base camp, 2081 is the final sleeping area, and since we are at month end, and all earnings disappointments are being ignored, it is a safe bet we hit new highs within the week,

Then what?  The Fed is calling for rate hikes (won't happen), revenues and earnings will get worse for the fourth quarter, stock buy backs are reaching saturation, the Vix has one more good push down left in it, and the dollar's strength will continue to hurt U.S based multinationals.

Here are a couple of charts that suggest 2016 is in for a rough ride.  We simply are running out of oxygen.  I am asked if not stocks, where?  Well bonds, especially long bonds will make you money as the rush for safety gets going in earnest, cash is an option, as well.  Then when the Fed panics, gold and the miners.

For today, I am expecting a test down to support at 2081, and break the Globex lows, then a grind  higher into the close.I would be impressed if it broke the high though.  I remain short Volatility and Miners, and will buy 2081 on ES if I can get it.

For NADEX, I will grind out 6-7 trades again.  Yesterday we were perfect.  Enjoy