later in the week when the magic will happen

Early this week will be a non-event. I'm virtually not even following it. Even FED's half percent rate cut on Wed USA time will be like throwing a glass of water on a blazing house fire.

What really matters is Thursday USA time (Thursday night our time) USA GDP data. If it contracts, think about what happened to London when their GDP data showed contraction last week.

Can you say 9/10 percent fall on DOW thurday night! Which XJO will of course follow on Fri. Batten down the hatches, a perfect storm is coming.

Commodities are about to get smashed if USA GDP is even slightly bad. They are still a massive consumer in the world market place. China is still hostage to them as we are to China via resource exports.