Another Thursday, another million filing for unemployment.

Hopefully news of Jeff Bezos’ net worth topping $200 billion will take some of the sting out of being unemployed.

As usual, the futures couldn’t care less, preferring to focus instead on whether or not the Fed will keep refilling the punch bowl following its virtual Jackson Hole shindig.It’s not as though jobs don’t matter, but…VIX.All indications are that the Fed will revise its inflation policy to “average inflation targeting,” meaning that it will allow inflation to run above its 2% target following periods where it has run below 2%.  This is somewhat analogous to my new policy of dating supermodels only after going more than a month without.

continued for members…

SPX’s version:

Currencies suggest the dollar will continue to weaken. …with gold and silver still indicating a bounce, but not yet out of the woods. Oil and gas continue to look weak, with CL likely to test 40.60 and RB likely to test 1.15 now that the hurricane risk has abated.

A few of the anecdotal charts we’re following… AAPL and AMZN are still stalled, even though COMP is pushing slightly higher.  Note that COMP has a more recently formed Fib pattern with a 1.618 extension at 11820.27.

UPDATE:  10:00 PM

Still no backtest, even though ES/SPX haven’t yet improved on their morning highs and COMP has still not broken out.Note that ES and SPX have different paths/timing to a potential backtest.

Most suspicious of all, VIX was up nicely on the day – even after its reversal.