Lots of interesting goings on in the market this morning.  A few random thoughts… Aramco is no doubt feeling lucky on the heels of its $4 billion additional raise, its final IPO tally totaling $29.4 billion given that OPEC just lowered estimates for crude demand in 2020. Funny how the timing worked out…  Meanwhile, BoA reported a 6% rise in EPS even though net income slumped 4% and net interest margin dropped to new all-time lows. The fact that it repurchased 9% of its outstanding shares probably had nothing to do with it.

On the economic front Core PPI missed expectations, dropping to just 1.1% YoY – the lowest since August 2016 and the same level as kicked off the 2015-2016 correction.Futures, which had gradually recovered from its overnight lows, it back to a slight loss as we approach the opening bell.

continued for members…

Though VIX has already signaled its potential intention to break down… …USDJPY is backing off that TL… …and CL is hanging by a thread on its SMA200. The bond market is getting antsy, with TNX approaching a very important (and much delayed) test. The most worrisome chart sfor bulls have to be the 2s10s, which has dropped through support……and, the Dow, which appears to be backing down from overhead resistance.And, here comes Larry Kudlow. Sigh…

UPDATE:  09:57 AM

After a half-hour of bullshit artist Larry Kudlow’s nonsense, the Dow and SPX are now almost certain to make new all-time highs. UPDATE:  10:01 AM

Now, it’s official.