Ongoing dips, both intraday and overnight, continued holding the 2090-2095 band of support, making the difference between correction and reversal. Last night's drop was the latest. And perhaps it was the last. At least, the last to recover.
While there were some aggressive price swings overnight, the trading into this morning is all consistent with our previous analyses. While our skepticism of U.S. equities and friendly view of the govvies remains, it is tempered once again by the quantitative easing factor in the wake of China’s major weekend move