Calming the Markets

Futures dipped a bit overnight as reports suggested Trump was considering withdrawing from the WTO.  For the second time this week, Mnuchin came to the rescue with a vehement denial.  And, for the third time this week, the algos got plenty of support from VIX shorting (breaking trend no less)……and USDJPY ramping. What a fitting end to a quarter where politicians, central bankers and corporate buybacks have set the tone, calming the markets at every turn.  Still, this isn’t exactly a bullish-looking pattern — especially when SPX fails to break out of the falling white channel.And, while everything appears copacetic, has anyone noticed that the Dow closed below its 200-day moving average for the past four sessions in a row?

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