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BOJ and GDP both underwhelm, but still no meaningful decline

Equities barely budged following disappointing GDP data showing miss with 1.2% vs 2.5% and still just a fractional pullback still pre-Open with S&P only lower by -0.20%..   .Digging deeper.. Consumer doing very well 4.2%.. but housing investment and bus investment down, both worse than expected.  Pullback though still pretty benign after BOJ underwhelms while Europe has risen nearly 0.40% on gains from Barclays, UBS and the Italian bank Monte dei Paschi di Siena ahead of Stress test results due later today-   Japan's BOJ decision to avoid further QE follows recent decisions by ECB and BOE decisions to hold off on easing..and initial disappointment on not taking rates further negative was later seen as a good move, with NKY closing up 0.50% after early 1% losses-  USDJPY still lower by 2% and has dropped down to 103.13 while Crude also fallingdown under 41 to 40.66 near initial support, having retraced 61.8% of Jan-June rally-   Treasuries rallying on GDP and Yields well down from early highs of near 1.56 down to 1.49, and US Dollar index has now fallen off for 5 straight days-  Overall gains by GOOGL, AMZN, MRK being offset by XOM, WDC, WYNN and DE-  Key for S&P remains near lows of the last 10 days right near 2150 while 2175-80 on the upside , and won't pay to anticipate breakout until prices actually make this move- so proper to trade the ranges until this time-  Gold starting to turn higher as might be expected with Dollar, yields turning down hard, and 1375 will be very important for Gold-



Very underwhelming trend for Bulls and bears alike since mid-July as yesterday's close came within 1 point of 7/14 close


JPY decline has undercut early week lows and leaves this susceptible to a bit more weakness in the days ahead with targets down near 101 before this stabilizes again and attempts to move higher.

Gold jumping this am as yields, USD fall, and has gotten above prior days highs which invitesamove back to potentially testing highs-  1375 will be very important for Gold. and getting up above that allows for gains up to near 1485-1500, a huge move potentially into September.  For now, important to keep this range in mind as shown above.  1375 on the upside while 1312 on the downside-