Futures are up modestly this morning as equities settle back down following the Sep 21 spike.

The Aug 14 highs remain unbroken, though, suggesting that the Sep 21 spike was a headfake.

The drivers remain the same: oil prices, which are closely following our forecast…

…and VIX, which continues to be smacked down with every attempt to break up a trend line or its SMA200.

My expectation continues to be that oil will spend the month leading up to the midterms on a tear to 120-130/bbl – driven by whatever Iran has to do to prevent Trump from prevailing.

Meanwhile, Trump will do/say whatever necessary to bring oil/gas prices way down by late October.  Two opposing forces, each with a great deal on the line. However it turns out, it promised to be epic.