Stocks (equities) are up huge this morning, following “whatever it takes” Draghi yesterday, strong earnings from so-called “techs” last evening, and then rate cuts in China overnight. Looks like a double top at least. Trend following systems are all getting long. Bonds are being punished for no obvious reason.

Commodities aren’t following – crude is down this morning as the China rate cuts indicate increasing desperation on the part of the Chinese government.

The October 28th. Fed meeting is the next major pivot point. This is the Armageddon of central banks.

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