Futures are up very slightly this morning, but nothing to write home about, and at the time of this post, the SPY has only traded 640,000 shares and the Q's just 10% of that. Currencies have also been more or less flat-lining overnight. On deck we have GDP revision at 8:30 EDT, and U. Michigan Consumer Sentiment at 10:00 EDT. Then we have my buddy, Big Ben Bernanke, speaking at the Kansas City Fed's conference at Jackson Hole at 10:00 AM as well. What he says (or doesn't say) could really get us moving in one direction or the other today, and I think he'll need to be very careful with his choice of words. Two possible scenarios that I see as being likely:
1. He confirms that more substantial Quantitative Easing (QE) is coming. Result: Equities rally, dollar sells off, Gold rallies.
2. He doesn't say much new at all. Result: Equities sell-off, dollar rallies, Gold continues to consolidate, or pulls back a bit, before continuing its march to new highs.
Or maybe none of the above??
Keep an eye on Gold....
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