2 1/2 DAYS UNTIL THE FED NA– USEA AND BIGGER PICTURE REMAINS THE SAME

The bigger picture remain the same.

Heading into the nauseating fed, all major indices trade below short and long term moving averages.

Only about 10 percent of stocks remain in good shape.

Every major area of the globe remain below short and longer term moving averages.

We can count on one hand how many groups look ok.

Considering the drop, this bounce off the reactionary lows of August 24 remains anemic and arguably is setting up for another ugly drop. Our price and time thesis from the most stretched, extended and oversold condition the market has had since 1987 seems to be playing out. Once the condition is worked off, once moving averages play catch up to the downside, markers then resume the downside. Obviously, we will know more by the reaction Thursday…but not sure anything they do will change markets that much…notwithstanding QE4! (Ultimately not out of the question!)