Yesterday's early action put the official stamp on my bearish stance this Fall.  $CAT came out saying they are going to get rid over 10,000 of their workforce and lowered their outlook.   Yes the CAT is out of the Bag.  My question is who is next?

After yesterdays sharp morning decline a late day rally brought them back to positive territory.  After the bell Yellen's speach goosed stock futures to fresh highs.  Europe hopped on the rally bus... and this morning stock futures are over 1% higher.

One speech, one spike to the upside does not change the transformation we've seen with this market.

The opening bell is a few minutes away, so let me wrap this up.

Late in 2014, with $CAT well over $100, I noted from a technical perspective, that the stock was going to head lower and likely not see $100 for quite a while.

After this morning's $CAT news, it looks like $100 may not return, absent a reverse split, for quite a long time.

Today, unlike the previous two sessions, stocks failed to close exactly where they started the day.  However the action was strikingly similar.  This market will not give it up.  And perhaps its because many think it will.

Yesterdays session ended with a Pope candle.  The Pope is visiting the Northeastern United States this week.  The powers that be welcomed him with a candle looking much like a cross.  Perhaps their good deeds yesterday of manipulating prices to a cross will get them a nice house when their days in this world are done... and perhaps they'll still get what they have coming to them.

2015 has seen the Pope candle action far too frequently.  Today's session looked to be setting up for a similar outcome.  Perhaps after hours action will again spike higher.  There is no China PMI number to stand in the way this evening.

Last night, as I brought up in the recap, China's PMI smacked stock futures 1% lower.  This morning, those losses turned into gains.  Stocks miraculously opened higher.

With every Central Bank in the world trying to game their stock prices higher, as dumb as you were for buying the dip, your an idiot shorting this market.  Right?