Winter is Not Over Yet

Regardless of what the calendar says, and in spite of The Fed's further actions this morning, winter is still very much in play today for ursine market players and pundits. 

As I write this, the Dow and S&P are off by more than 4%, with the latter perhaps zooming us lower towards another circuit breaker. The only saving grace for bulls is that the tech-led QQQ is not down quite as much, and the VIX is yawning off this selling right now. Still, it is hard not to get too excited about divergences unless and until bulls demonstrate that they can hold a bounce for more than a slippery minute which is, frankly, all we have really gotten up to this point. 

On a more positive note, the precious miners are trading "in their own world" this morning, oblivious to the selloff in equities for a change. 

AEM is a catch-up long idea back over $39, provided that we do not get halted beforehand. On the hourly chart, below, note the consolidation shaping up as the precious sector catches a strong bid on the back of more kitchen sink Fed policies and actions.