“I will not allow yesterday’s success to lull me into today’s complacency, for this is the greatest foundation for failure.” – Og Mandino

As we have been discussing, it was not a matter of ‘if’ but rather a question of ‘when’ the VIX was going to perk up again and this could only be the start. To put things in context, nothing has really happened, just a mini-correction for now but clearly a very interesting and welcomed one.

Humble students of the markets should not be too surprised as ZBs, GOLD and DXY where highlighting what was shaping-up, especially with recent action and the other dislocations that we have been repeatedly highlighting. Remember that the talking-heads will always try and attribute a cause to whatever happens (and it’s human nature to want to find an accompanying narrative) but the charts, with their pure representation of price and time, will be highlighting money flows in real time and with no bias well before anyone can assign specific cause for the moves.

Could end up being an interesting wait until we see Comey testify next Wednesday and don’t forget OPEC too among other things on the data calendar.

These are some of the main charts we are going to be focusing on today in our opening call:

As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.