Squawk Evening Update: Nothing New

When there is not much to say, we’ll be brief.  While there were some violent swings in markets today, there was nothing to suggest that markets have chosen a direction.  Some might say that this is topping behavior.  And while it’s true that we often observe such behavior at both highs and lows, we see it there because those are points of indecision  As we discussed at the beginning of the week, we are at a major point of contention in the market, and that’s why we are seeing this violent, indecisive action.  Markets still need to pick a direction.   The likelihood of up versus down has not changed from our earlier updates.

Perhaps overnight action in futures or currencies will give some clues.  If so, we’ll have coverage in our morning update.  If not, our main task will be updating the the moves that we would like to see for confirmation.