Stocks have front run speeches by Yellen and Draghi scheduled this morning in Jackson Hole.  Market is expecting super dovish Yellen.  If Yellen is not super dovish, expect a disappointment and strong selling. If Yellen is super dovish, S&P 2000 is like a magnet for traders.

Rally attempts in oil and gold have met with selling so far in early trading.

Interest rates are range bound.

Gold futures are at $1278, silver futures are at $19.43, and oil futures are $93.38.

S&P 500 resistance levels are 2000,  and 2017; support levels are 1975, 1950, and 1925.

DJIA futures are down 14 points.

FOMC minutes were more hawkish than gurus generally anticipated.  After a brief dip in the stock market on hawkish minutes, stock bulls dismissed the hawkishness by claiming that Yellen speech at Jackson Hole will be dovish and therefore ran the stocks right back up.

Gold has broken under the major support at $1283 – $1287.  As a full disclosure ZYX Short has a number of gold related positions that benefit from fall in gold prices.

Oil is attempting a mild rally from very over sold levels.

Interest rates are range bound.

Gold futures are at $1276, silver futures are at $19.35, and oil futures are $93.13.

S&P 500 resistance levels are 2000,  and 2017; support levels are 1975, 1950, and 1925.

DJIA futures are up 26 points.

Investors lent to Germany at no interest rate for two years in an auction concluded this morning.  More alarming is that two-year German bond yields fell to minus 0.006% prior to the auction; investors were paying interest to Germany for the privilege of lending to the country.

Momentum can carry this stock market much higher quickly, but the foregoing shows that the risks to the downside are also extraordinarily high.  For this reason it is important to be highly selective in what is bought, shorted or sold and to be very judicious in determining the price to pay for an asset.

FOMC minutes will be released this afternoon.  Often these minutes are a market moving event.

The Fed conference in Jackson Hole is ahead.  This conference has often caused major moves in the markets. The prepared text of Yellen’s speech is likely to be released tomorrow.

Our pre-market indicators show very slight pressure on stocks this morning.

Gold, oil, and interest rates are range bound.

Gold futures are at $1296, silver futures are at $19.50, and oil futures are $95.42.

S&P 500 resistance levels are 1975, 2000, and 2017; support levels are 1950, 1925, and 1911.

DJIA futures are down 16 points.

July Building Permits came at 1052K vs. 1000K consensus.  Building permits carry heavy weight in our models because they are a leading indicator of housing activity.

July Housing Starts came at 1093K vs. 960K consensus.

Inflation stays under control.  Core CPI came at 0.1% vs. 0.1% consensus.

Our pre-market indicators are showing that stocks are likely to get another strong start for the day.

Oil, gold and interest rates are range bound.

Gold futures are at $1300, silver futures are at $19.60, and oil futures are $96.77.

S&P 500 resistance levels are 1975, 2000, and 2017; support levels are 1950, 1925, and 1911.

DJIA futures are up 54 points.

Our very, very short-term indicators show a strong start to the stock market in the wake of meeting between foreign ministers from Ukraine, Russia, France and Germany.

Gold has fallen below $1300.

Oil is falling.

Interest are slightly inching up.

Gold futures are at $1298, silver futures are at $19.55, and oil futures are 96.46$.

S&P 500 resistance levels are 1975, 2000, and 2017; support levels are 1950, 1925, and 1911.

DJIA futures are up 91 points.