The CBOE Volatility Index trading in the 18-area this morning; well off of last week’s highs near 25.

With the stock market in this more vulnerable state technically, daily trading action could continue to be erratic. 

The stock market is in consolidation mode. I want to be careful to make that distinction between consolidation and correction. 

As we move through the heart of the 2nd quarter earnings season, investors are turning their attention to other factors and events that might have an impact on 3rd quarter earnings results. 

With this morning’s rally in the CBOE Volatility Index, we are seeing a breach of that near-term downtrend of descending intraday lows. 

As the dog days of summer continue, the stock market is down this morning with losses very uniform across the market; appears to be a gently corrective day. 

No triskaidekaphobia (fear of Friday the 13th) for this stock market as it shows great form and resiliency. 

The Fed once again signaling that it might be at the end of its highly accommodating monetary policy; market took the news in stride yesterday, appreciating the transparency from the Fed. 

West Texas Intermediate crude trading around $67/barrel and could be in for a test of that short-term support around the mid-$60 area. 

The market in this cycle is behaving different than I’ve observed in my entire career; extraordinary the leadership and participation across the diverse sectors.