For a guy who has so often touted the stock market’s performance as a measure of his own prowess, Trump has been the bears’ best friend lately.  We’re certainly not complaining, as our downside targets are being tagged one after another.

The 10Y has gained a spectacular 7.7% in the nine months since our bottom call last September. Futures are now off about 6.5% since our April 30 top call and are closing in on our next downside target.USDJPY is closing in on our 108.50 target.RBOB is closing in on our 1.76 target.COMP, having already reached our SMA200 target, appears likely to tag our 7391 target. Even AAPL has compliantly continued to sink toward our next lower target.The big win would be VIX…but the other factors have been so effective in driving stocks lower that VIX is still languishing in the teens.  Perhaps not for long…continued for members…

I have a couple meetings this morning, but will be back after the open with more commentary.   GLTA.

UPDATE:  5:00 PM

My apologies, everyone.  As I was wrapping up a meeting this morning, my wife Annie called to say she had just broken her arm.

I’ve spent the entire day at the hospital where she is currently undergoing surgery.  She’s expected to fully recover, but it will require a plate and screws and lots of pain killers.

I should have a chance sometime tomorrow to review today’s action.  But, it looks like things are generally on track with another down day coming as planned on Monday.  If you’re the praying type, please keep Annie in your prayers.

UPDATE:  7:00 PM

Still hanging out in the waiting room…so I got caught up on some charts.  Here ya go…

First, note that TNX has broken down through the red TL and the purple channel bottom.There is potential support at the white .886 and purple .618. But, the real support comes in… …at the yellow midline down around the purple .886 at 15.54 — a huge drop from current rates.

ZN has broken out of the rising white channel and is now presumed to be following the purple to 127’285, followed by 130’200.This is the intersection of the top of the falling white channel and the rising white channel midline as well as the two Fib levels.  It is very important.  A rise above 130 would be very, very important.USDJPY reached the bottom of the falling white channel and slightly exceeded the presumed triangle bottom. I think it hits the .618 at 107.57 on Monday or so.EURUSD is slumping just enough to offset USDJPY’s plunge and keep DXY fairly flat, with a good possibility that we’ll eventually tag the white channel bottom and maybe even the red, dotted TL where it intersects the purple channel .236 line. RB reached our SMA100/200 target and the bottom of the rising white channel.  So, a good chance of a bounce — though the white midline at the red .618 of 1.593 also looks excellent.And, CL has reached the white channel .236 line where it was originally supposed to have tagged in early April at the .618 had it not gone on a ramp to break (or, at least delay) the 2015 analog.  More on this later.The biggest surprise is that VIX has barely budged.  No need to, as USDJPY, TNX, CL and RB all supplied plenty of downside impetus.  But, it’s still pretty crazy that it’s sitting below 20.Nothing new on the equity front.  Still a little confusion about how far and when, but I still expect the 2.24s to play an important role.