Did you read Musk's (or Musk's PR genius) reply to the first fire?  An amazing piece of literary karate -- he wrote a convincing piece that the driver was "lucky" to be in a Tesla. A very gifted CEO and I hope the company continues doing great things.

and not the good kind of "en fuego".  Apparently another car fire... this time in Mexico.

GO! GO! GO!

Bonds up strong; $VIX up strong; dollar up.... don't matter when US stocks with PEs in the high 100s are en fuego!

speaking of POS stocks, GOGO still looks decent -- small position, looking to add on a break above 17.10.

From Ryan Detrick: "Last time AAII bulls this high (Jan '13), $SPX rallied for four months. Last time bears this low (Jan '12), $SPX rallied for 2 months."

I read Michael Gayed's articles on Marketwatch.  Don't always agree with him, but I think he has a good grasp of the big picture and writes about the issues intelligently.  He will also personally answer almost each tweet and email (very accessible and transparent guy).  I took a chart that he showed today and put some hack EW labels on it -- while it makes a very corrective looking A-B-C to a near 50% retrace.  Interesting juncture I think.  I noted a week ago that China had been "too quiet" lately.... my hint was FXI failing to breakout (when it had every reason to).  I think this recent turn of events in Spain:Germany might show a flare up in Euro zone (just in case they weren't actually "fixed" -- as Draghi promised).  Meanwhile, $DAX plays some catch up to US and likely has a bit more to run inside the wedge.

especially considering $USD has been in a strong downtrend (now near the bottom of that channel).

Three push patterns.... not looking so hot today.  GS, BAC, C

Strong down move by EEM could not sustain the breakout of yesterday.

depending on which way you label the triangle, it either means a rapid advance to continue the rally (green), or the first impulsive selling off the parabolic run will resume (red).  

looking at the Yen, it seems much more bullish than the $nikkei seems bearish (although last night's impulsive selling in the Nikkei now looks quite bearish).  Yen's first move off the bottom was much stronger than the last move into the bottom.  I think the Yen could be in for quite a rally in the next couple of months.

I've seen the EW count having the DOW readying for a powerful move up, but this remains to be seen.  In the meantime, daily moving averages converge and whip back and forth readying for a trend move.  Which way?  Six 13/34 daily ema crosses in 4 months -- whipsaw McGraw!

SP500 led by defensive sectors -- haven't seen that in a while.  $BKX and $NDX impulsive selling.  Interesting day.

$BKX failing to make new 52-week highs and instead of playing catch up the last few days (like it ought to), money chased the high fliers.  Will be interesting to see if somebody decides to push $BKX once out of high fliers (kind of doubt it because it looks like the flight to safety is on).  

From high beta to defensive.  XLU, XLP up very strong.  XLY, QQQ strong reversal

Lots of momentum stocks look to be in jeopardy

Wow!  Volume is absurd!

NFLX is about to lose all those massive gains.  PCLN and FB are the ones getting tapered the last couple of days.

Some super long range symmtery targets are AWFULLY close now.  You'll know when we hit them I think (no sense guessing).  I would think the 10% drop we just saw on NFLX will be commonplace on some of these ridiculously priced stocks.

funny thing is, Yellen won't have to say a thing -- market has already priced in her moves for the next year.  And I bet it includes ramping up QE to $125-$150B/month