Whilst the US equity market started the month on a broadly positive note, there remained underlying weakness in Japan, with the Nikkei -3.1% @ 16147. Despite continued meddling by the BoJ, the Nikkei continues to struggle since the June 2015 high of 20952.
sp'monthly: it is notable that the important 10MA is currently @ 2017. Equity bears seeking broad downside this summer/autumn should be seeking a May close well under that.. preferably <1950, which is some 6.5% lower.
The May 20th 2015 high of 2134.72 will indeed be almost a full year old in just 3 weeks time.
re: Japan: despite the BoJ printers spinning... its still not been enough to stop the Nikkei from broadly declining across the year. Target downside is the 13/12k zone.
Market chatter from Schiff
Tuesday has nothing of significance scheduled.
*Fed official Mester will be speaking in the morning, with Lockhart in the evening.
Goodnight from London