It seems the big news everyone is waiting for is tomorrow morning’s pre-market CPI and retail numbers. In the meanwhile, I’d like to point out that both the ES and NQ might be forming a third pattern, as I’ve tinted here, preceding another leg down. Once again, I cannot turn my head without seeing an article about how new highs are just around the corner, but maybe I’m just weird or stubborn in saying that We Are Done.

For insight into how the overall global economy is actually doing, you could do worse than keep your eye on crude oil. I don’t think prices are descending out of the goodness of the hearts of those producing the stuff. Oil is sinking steadily.

As an anecdotal as it may seem, I want to say once again: keep your eye on global politics after the Olympics are over. You could see the entire topic of North Korea get really important again, once this “charm offensive” has run its course.