Market Recon Wednesday

Good Morning,
                       The Shanghai Composite fell a rough 3% this morning, and suddenly….. the rest of the planet went about their business.  You read that correctly.  Selling in China today is being labeled as mere profit taking in the wake of the recent bounce seen for those issues, and…… other Asian securities, European shares, as well as US Futures markets were not severely impacted.  What the ??   Yeah kids, the drivers right now, around our planet are really quarterly earnings, and central banking.  The Bank of Japan is back in the spotlight after some poor Japanese macro hit the tape.  The Bank of Canada will announce their monetary policy decision today at 10am ET, followed by BOC Gov. Stephen Poloz’s press conference at 11:15 ET.  Just under 20% of Canadian economists expect another rate cut today following the two that we’ve seen in January, and July.  Then there’s the ECB clambake scheduled for tomorrow.  Yes, there’s some indecision there too.
                      Some week for traders so far.  Horrendously light trading volume, and really….a lack of overall volatility despite the extreme volatility in a few specific earnings/news driven names.  If you’re looking for some macro to spice things up today, you have come to the wrong place.  That said, what we do have is our weekly Oil Inventories number, which will be a market mover.  Supply grew by a whopping 7.6 million barrels last week, and an incredible 14.7 million barrels over the last three weeks.  Consensus is for growth of another 3 million plus today, but my gut says it comes in closer to flat.  I’m not putting money on that, friends, it’s just a gut feeling.
                      Back to central banking…… We only have one Fed speaker today, and it won’t rock your world.  Federal Reserve Gov. Jerome Powell will again speak on US Treasuries’ market structure at 13:30 ET from NYC.  After that, it looks like our talking heads go into hibernation until next week’s policy pow-wow.  Their silence will be golden.
                      Remember, if your mother seeing you do it, would embarrass you…then you probably shouldn’t do it.  After you let that one sink in, everyone, just drop and give me 50.  If you can’t do 50, do something for the poor today.  If you can do 50, do something for the poor today.  Sarge out.
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Earnings Highlights for Today
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Before the Open: ABT (.32), BHI (-.14), BA (2.20), KO (.50), GM (1.19), KMB (1.49)
After the Close: AXP (1.31), CLB (.83), EBAY (.40)
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Sarge’s TRADING LEVELS
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SPX: 2051, 2041, 2034, 2025, 2013, 2006

RUT: 1178, 1173, 1168, 1159, 1152, 1146