Between the GE dividend cut, the tax bill (still DOA), and the trouble brewing in the Middle East, it looks like the other shoe could finally drop this morning.  It’s sad that a 60-pt drop should be so exciting.  It’s only about 2.3% – hardly the “end of the bull market” as one headline put it.

If 2533 holds (2536 in SPX) the bull market is alive and well.  If it drops any further…well, we’ll cross that bridge if/when we come to it.The dollar continues to falter, mostly the USDJPY heading lower.

continued for members…

The NKD isn’t liking the USDJPY action and is off another 1.5% today.  It’s probably backtesting the 1.272. And, for all the propping up they’ve been doing, RB and CL are finally rolling over. Note that even though it’s up slightly today, CL’s trend is clearly down over the past week.  It simply rallies during market hours (darker area) to power algos before resetting (lower) pretty much every night.VIX – still more juice in it?If SPX is going to tag 2536, it should happen today.  Otherwise, the channel midline is higher than 2536.  Looking at it another way, reaching 2536 would mean a more serious breach of the midline.