Ragnarok

Apple is having trouble this morning after a news drop last night. The Bank of England restarted QE today. We're into the "this is serious" phase of the downturn where bad news and policy intervention start driving markets. For its part, the U.S. government and central bank remain on course. U.S. officials up to Janet Yellen have said there's no problem in financial markets, there's no need to slow the rise in the dollar. The Federal Reserve acknowledges what's happening, but hasn't changed its rhetoric one bit. Powell speaks today though...

Stocks were overdue for a rally. Bonds are rallying for a similar reason and probably because traders are thinking, "if the BOE is doing QE again, the Fed won't be far behind." If 2008 is a template, there is only one to two days of rally possible. I will become aggressively short above 3700 if the ES should get there. BTC is hanging on. I don't want any spare capital when BTC breaks that trendline. I want to be 100 percent in short positions.