The Big Picture: Jul 24, 2017

What a difference a week makes. I was hoping that taking a week off would see some semblance of sanity return to the markets.  Apparently, that was too much to expect.

A week ago, the US dollar pairs had reached long-term objectives, SPX was running out of steam and VIX’s all-time low was set way back in 1993.

Today, the dollar is running for cover, SPX has broken out yet again, and VIX set new all-time lows — having spent all but 4 sessions of the past three months below the bottom of our long-term rising yellow channel.We’ll look at the repercussions of all the above, and what to expect next.

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