Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for January 23.

The gist of the world economy for the past quarter century was a division of delusion, which led to huge bubbles.  Americans pretended to have good money.  Asians pretended to have a good customer.  Bankers pretended to have good credits.  And Wall Street pretended that toxic assets were good ones.

The rebound in the foreign exchange market was short lived as another wave of risk aversion hits currencies.

From a fundamental perspective, current conditions and the outlook for the US remains dismal.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for January 22.

The worst sell-off in Inauguration Day history?

There has been a lot of volatility in the foreign exchange market this morning, driving currencies to historic levels.

The US dollar, as usual, traded more in line with risk trends than anything else.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for January 21.

Banking is still in trouble on both sides of the Atlantic.