OPEC YIPPEEE!

Because of late breaking news, we are going to take an audible. The fact is large-cap indices have gotten back near their old highs. The central banks have done a great job of juicing the markets again. Since the lows, we have told you that all the areas that were leading the market down for 18 months were now leading the market up. Coming into the weekend, that had not changed as commodities, commodity types, commodity countries and the like have all had the bid.

But tonight, futures are down over 100 because OPEC could not come to any conclusion on slowing production in order to keep prices up. It used to be that markets would soar when oil prices went down. Now it is the opposite. Welcome to the asinine policies of central banks that has caused all kinds of distortion and turmoil with currencies and markets. Keep in mind, OPEC has nowhere near the influence they used to have.

So instead of going into a big dissertation, we would like to see how markets react tomorrow. We recognize that we are into massive overhead resistance while entering earnings season.

Keep in mind, even though you had decent action in the financials this past week, their earnings were terrible. The only reason why they were reported as a positive was because the stocks went up.

More tomorrow.