“Boredom is the feeling that everything is a waste of time; serenity, that nothing is.” – Thomas Szasz

Despite a lot of key data points on the schedule for this week: BOJ, China manufacturing Data & PMI, BOE, and NFP – just to mention a few – it’s all about FOMC. Also keep in mind that once we get the rate announcement, focus will be on the Presser, especially keeping in mind that they will have made the decision knowing what NFP is going to look like. Again, this is key because it’s all about what we have to price in going forwards: just undoing of the 25 hike, no action, cut 25 with more to come or the full monty with a 50 cut.

Don’t forget that the earning rollercoaster continues with the key focus being AAPL on Tuesday:

And remember that we are going to have to start to think about August seasonals and internalize this week in the context of setting up trades for the rest of the summer and q4.

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Wishing you a great day ahead.