Source: Bloomberg

S&P futures this morning rose marginally with the oil price. Oil and US equities have moved in lockstep during the past five trading sessions, which simply means that nothing else is going on. Minor movements in the S&P are an adjustment to oil prices. The market expects no surprises from the Fed. It’s waiting for the details of tax legislation from the Trump Administration. Volatility is at multi-year lows. There’s nothing to do in the US market for the time being. All the action is in Asia, where the story is global economic revival.