According to my risk summation system, next week will be a mess. This seems to be happening recently a bit more than normal, risk windows scattered across the week instead of concentrated. I'm not sure what it means, but probably just uncertainty. There is somewhat of a low level peak on Friday August 26th which is about all the juice that I can squeeze out of the system this week.
Last week the Tuesday the 16th risk window tagged a top of some sort. Whether the Friday the 19th risk window was a low or just some lame mid-move like the previous Friday will have to wait on the action on Monday the 22nd.
The "Fat Lady" trend line that I've been droning on and on about was broken Tuesday, but the break out couldn't hold and almost immediately failed. The action this week should clear up this little bull bear line of demarcation debate.
This coming Friday J. Powell gets to take another swing at the ball in Jackson Hole. The FOMC minutes released just this past week was clearly a swing and a miss, seemingly trying to play both sides of the tighten more, already too tight debate which initially set traders' cold hearts all a flutter. The Fed minions were then forced to scurry about and clarify that they really, really are going to continue to tighten. Since it appears there will be no mid-meeting Fed Funds rate boost, Powell will need to hit a hole in one to get back in control of the narrative. I for one am betting that he hooks it into the woods.
The Jackson Hole venue is the perfect place for this meeting since it provides a spectacular view of the Grand Tetons, which for you non-French speakers very crudely translates to big boobs which this place will be absolutely filled with next week. 
Regards,
Douglas
