Evening Briefing for September 20th

* MARKET THEMES FROM FRIDAY: We are in a several day trading range in the ES futures, beginning with the afternoon of the 16th and continuing through Friday. There is significant resistance above 1067; support is in the 1056 area. We're heading into a Fed meeting week, so trade could remain rangebound as we approach the announcement. Ten-year Treasury yields are also rangebound, hovering roughly between 3.4% and 3.5%. Gold has fallen off its highs, and oil has been in a several day range, along with the U.S. dollar. I will be tracking these intermarket themes closely early in the week to see if we see further consolidation of the risk rally.

* OVERSEAS/OVERNIGHT NUMBERS: No major economic reports scheduled. It's also a light earnings day; LEN scheduled to report.

* WORTH READING:

-- Lessons from the Iceland bank failures;

-- Interesting reading, including VIX perspectives and housing bottom in 2013;

-- Rising bond yields in countries running large deficits?

-- New emerging market ETFs, including sector ETFs for China; see also this view;

-- Are dividends sustainable among high dividend stocks?

-- Trees don't grow to the sky; notes on current market risks;

-- Is there predictive information in money flow data?
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