Pfizer says that 3 doses of its existing COVID-19 vaccine is effective against the omicron variant – great news for 25% of Americans who are fully vaccinated and boosted, good news for the 60% of Americans who are fully vaccinated, and definitely not so good for the 40% of Americans or the 93.7% of people in low-income countries who are not vaccinated.

Futures are up very modestly on the news.

continued for members…The equity picture…   While the falling white channel was pretty clear, it pointed to a 8-10% drop right around OPEX – usually a no-no.  With Friday’s CPI report being a potential catalyst, we could still get a downturn before OPEX. But, at this time, the factors are well positioned to try and prevent one.

VIX still hasn’t closed that gap at 20.96.USDJPY is still being supportive. And, the EURUSD is pausing again. BTC is backing off its blue channel backtest. GC and SI are still stuck in the mud. We’ll get EIA inventories today. CL is still backtesting the purple channel line in the vicinity of its SMA100. And, RB is eyeing a SMA200 backtest. I have more conference calls this morning, but will finish up yesterday’s bond update ASAP.