No change

BOTTOM LINE: Fourth waves developing in most asset classes. Further "pokes" to the upside are likely into the end of the week.

There is very little change to my view from end of last week and yesterday. Ideally, we have two more "pokes" to the upside left.

On a fundamental note, the Federal Reserve Board released the change in Total Consumer Credit Outstanding as of the end of July. Total Consumer Credit fell at a record 4.2% annual pace in July, with negative revisions for June and May. From the chart below, it can be noted that Total Consumer Credit often leads the change in CPI. The message is fairly clear - we are on our way to deflation city.