May durable goods came in much higher than expected: +1.7% versus -1.0 consensus. Goods ex transportation also beat, at 0.6% versus 0.0% consensus.  Suffice it to say these are not the data that support a continued pause, let alone a reversal.

continued for members…

With quarter end coming up in a few days, however, futures are pegged to a TL of support off the May 24 lows. VIX is above the SMA10, but not by much. And, there’s little sign of it rising just yet.EURUSD and USDJPY are popping again, though not to new highs. This is likely to maintain equity prices into the end of the quarter. CL and RB are also treading water – just enough to prevent lower equity prices.