The ECB is scheduled to meet on Thursday, however it’s only an internal meeting and no new economic staff projections (ESPs) are expected. Bond investors in particular are looking for Draghi’s press conference for clues as to what interest rate policy to expect for the third and fourth quarters of this year. But given that the EUR/USD is now heading toward 1.15 I have an inkling that Mr. Draghi will choose his words very cautiously as he is now walking a precarious economic tightrope.

For the past quarter equities in particular have entered a market phase eerily reminiscent of the mind numbing churn we had to endure for most of 2016. Meaning a lack of direction, high intra-day volatility, and sudden directional spurts which are either news driven or the result of FOMC or ECB deliberations. Obviously the supposed phasing out of quantitive easing already has and will increasingly affect the effervescence of what we all most likely will remember as a one-in-a-generation bull run.

A final reminder that equity futures have now rolled into September, which is the official front month contract for the next three months. Time flies indeed! Before I know it I’ll be shopping for Christmas presents again and bitching about the cold weather. In the interim we’ll have to earn our keep, so let’s see if the brand spanking new ESU7 contract offers us a decent entry opportunities: