[expat_panama]

Good morning --the plot thickens!  W/ metals we got silver soaring and gold slouching and w/ stocks we got NASDAQ topping and the Dow tumbling.  Both in yesterday's closing and this morning's futures.  Reports coming throughout the day:

MBA Mortgage Index
Factory Orders
Fed's Beige Book
Auto Sales
Truck Sales

News to wake up with:

• US stocks: Futures climb on Ukraine's claims of cease-fire MarketWatch - an hour ago LONDON (MarketWatch) - U.S. stock futures moved firmly higher on Wednesday after Kiev said Russia has agreed on a permanent cease-fire in eastern Ukraine, while investors waited for data on U.S.
• Dow and S&P end slightly lower on mixed signals Philly.com - 4 hours ago At work in Jupiter, Fla. Construction spending surged 1.8 percent in July, the biggest increase in more than two years. MARK ELIAS / Bloomberg.
• Charting a Bullish Sept. Backdrop - Michael Ashbaugh, MarketWatch
• Unemployment News Is Bad, & Getting Worse - Gene Epstein, Barron's
• Market Champagne Sits On Ice - Wade Slome, Investing Caffeine

[Wyatt's Torch]

TSLA chooses Nevada for Gigafactory

[Wyatt's Torch]

All hail the SuperCycle:

Take One Look At This Chart, And You'll Understand Why Wall Street's Uber-Bulls Are Psyched

Wall Street's top stock market strategists are starting to wonder if this already-epic bull run in the stock market might just be the beginning of something huge.

On Tuesday, Morgan Stanley's Adam Parker predicted that the S&P 500 could go from around 2,000 today to 3,000 in about five years before the bull market ends.

"We believe a prolonged period of deleveraging in the U.S., coupled with an uneven global recovery, are just two of the reasons why this could prove to be the longest U.S. expansion — ever," Parker wrote.

RBC Capital Markets' Jonathan Golub shared a similar sentiment in a research note publish around the same time as Parker's.

"Earnings projections for 2015–16 have been rising since April, reversing a downward trend," Golub wrote. "We believe this reflects growing optimism (especially among CEOs via stronger guidance) on the direction of the economy. Given a lower cost of capital and enhanced growth prospects, we see further upside to stocks over the next several years."

Years.

These bold predictions aren't without some historical precedent.

In his note, Golub presented a 100-year long chart of the Dow Jones Industrial Average on a log scale. As you can see, the stock market has actually experienced long periods of volatile sideways moves before shooting higher.

"As the super cycle chart shows, it is not unusual for the market to experience prolonged periods of strong returns," Golub said.