Hey Greg, I did 2 charts this morning. SPX with M1 overlay for the first chart. The 2nd chart was M1 to M2V (although I had already done a review of money velocity yesterday) and what I am seeing is we are coming on an interesting intersection regarding monetary policy. In short, it is likely that the Fed will only have 2 choices; 1) raise rates to support the value of the existing monetary base 2) curtail the monetary base to support DXY (what Hank Paulson did prior to the 2008 hayride). Either choice is bad juju for the economy and the equity markets. The question in my mind is 'which will they choose' since either choice will dictate which way we need to trade this.