Trend is still down. Enjoy the ride.

So ahead of the Fed tomorrow and the U.S. election results next week, the markets are pricing in a little more risk today.  A broad "risk-off" day means stocks go lower, yields lower, crude oil lower, gold higher and the VIX (a market measure of uncertainty) higher.

"And I always thought this would be The land of milk and honey Oh but I came to find out That it's all hate and money"

follow up: USDJPY

"While it is assumed markets cannot possibly crash ahead of the November 8 elections, if some material news announcement were to hit causing big money to exit, there is little "forces" such as the alleged plunge protection team could do to prop markets."

"Since July, the S&P 500 has traded in the shallowest band in its entire 59-year trading history. It has traded in an even more flat manner than in 1976 when it typically corrected no more than 4-5%, an unprecedented period which lasted 7 1/2 months."

follow up: USDJPY