ECB meets tomorrow, and if (big if) we see a pivot in tone, it could add fuel to an already burning fire. In addition, we think we have reached “peak FED” as now we are seeing some of those aggressive predictions being walked back a bit.

Tomorrow’s ECB meeting is crucial, we remain LONG and will adjust then if need be.

DAILY CHART: The frame-work is intact, we expect 1.1600.