Discussing the flotilla episode tonight with a friend who puts out his own market letter, he asserted that the force of events these days has completely overshadowed the markets. I agree, and so no matter what I am forecasting for a given day, you should understand that it is all within the context of  securities markets that in recent months have done little more than screw the pooch perhaps 95 percent of the time.  That said, let me note nonetheless that the E-Mini futures should be presumed capable of  1093.00 if they launch overnight without having breached 1067.25, the low as of around 12:20 a.m. EDT.  Looking at a bigger picture, the 1022.75 downside target first broached here eons ago is still valid in theory, but one cannot help noticing that the futures are having a devil of a time correcting down to that threshold.  I’m tempted to assume a bullish bias for the next few days as a result, but one also cannot ignore the fact that the imbeciles charged with deploying OPM have been somewhat restrained in their enthusiasm for buying, given fresh evidence each day that the whole bloody friggin’ world is indeed falling apart.