FRIDAY 3/20/15; Total Solar Eclipse; TIF; DRI; KBH; First Day of Spring; US and European Stocks Rally; RUT All-Time High; COMPQ 15-Year Record High; OpEx Quadruple Witching

Aussie stocks follow the US lead and begin the session down -0.2%. The BOJ releases meeting minutes that do not provide any surprises concerning the ongoing monetary policy. The NIKK finishes the week up +0.4% printing new 15-year highs above 19560. The SPASX200 gains +0.4% reversing the earlier losses. The KOSPI trades flat.

The SSEC finishes strong gaining +1% to 3617. Chinese financials remain well bid as traders expect more PBOC going forward. In Hong Kong, the HSI slips -0.4%.

At 2 AM EST, European futures point to a higher open. US futures are higher. S&P +4. Dow +61. Nasdaq +8. Euro 1.0686. Dollar/yen 120.71. Pound 1.4761. Aussie dollar 0.7683. USD 98.87.

WTIC oil 43.72. Brent oil 54.48. Natural gas 2.83. Gold 1169. Silver 16.09. Copper 2.6515.

US Treasury yields are; 2-year 0.60%, 5-year 1.45%, 10-year 1.95%, 30-year 2.51%.

EU leaders are preparing for a second day of talks and are urging Greece to provide a clearer reform plan or risk running out of cash this month. Chancellor Merkel, PM Hollande and PM Tsipras split off for a mini summit to directly address Greece’s problems. Merkel says, “Greece must restore trust with its partners. Trust is needed urgently.” Tsipras says he is optimistic about the future. Greece will honor debt obligations that come due today but will need further emergency funding within the next week. Greece bond yields are moving higher. EU leaders are discussing an extension of the Russia sanctions through the end of the year that are set to end in July.

[Text is Redacted: Purchase March 2015-03 to Read the Complete Chronology]

Fed Chair Yellen, Queen of the Doves, lives up to her reputation delaying the rate hikes creating a dovish environment and huge stock market gains. Spring begins with a robust stock market rally.

137 people are killed in Yemen mosques by ISIS Islamist radicals. 400 are injured from the three separate suicide explosions. Congressional investigators subpoena Hillary Clinton’s secret server so she will have to decide to turn over the machines to authorities within the next couple weeks or face further scrutiny.

After the smoke clears, the CPC put/call ratio drops to a one-month low at 0.81 and the CPCE is down to 0.57 both indicating market complacency and a potential market top forming in the days ahead. Ditto the VIX at 13.02 very subdued further verifying a relaxed attitude concerning the stock market. No one expects a market selloff to occur due to the ongoing central banker intervention so there is no need to buy protection. These are contrarian stock market indicators.