The Lord’s Prayer
Our Father, who art in heaven, hallowed be thy name. Thy Kingdom come, Thy Will be done, on earth as it is in heaven. Give us this day our daily bread and forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but deliver us from evil. Amen.
8:30 am
Good Morning!
SPX futures remain within yesterday’s trading range thus far. The Master Cycle low remains at July 26 at 7376.00. The possibility of a final probe beneath 7376.00 remains viable yet today. However, the shorts may have become exhausted as chip stocks tank. Pressure may be building for a breakout. The Cycles Model suggests a surge in trending strength may be imminent.
ZeroHedge reports, “Futures extend Monday’s losses as the Tech tape continues to unravel; global Semis were hit yesterday and again overnight (despite the best attempts of Goldman and JPM to force retail to buy the falling knives) with Asian stocks and especially Korea (-10%) bearing the brunt with fears of Chinese competition accelerating the sell-off and then spilling back over into the US.”