The algos are happy.  Brexit is humming along, Congress kicked the budgetary can down the road a whole two weeks, and USDJPY even had the decency to finally break out.  Sure, the gold bugs are getting hosed.  But, what else is new?  As our friends in the Eccles Building would say, “serves them right for doubting the strength and security of the dollar.”

continued for members…

What it really boils down to, of course, is that equities are tied to the USDJPY which is driven by the USD.  Witness the DXY which, although it broke out of its latest falling channel, has yet to convince me that it’s going to recover rather than plumb lower levels after next week’s Fed meeting.Today’s other goodies for the machines in charge of the market include VIX: back below the yellow channel bottom and SMA200 — for the time being at least.