The Waiting Game

The biggest headlines of the year yesterday, and the S&P 500 gave up one point. And, as the plot thickens this morning, futures are virtually flat — propped up by pure algo action as VIX continues to slump and USDJPY continues to bounce off our downside target.

With Jackson Hole coming up, there is much at stake in the markets.  So, as we’ve been discussing, don’t be surprised if the “markets” continue ignoring both headlines and fundamentals.

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