The Emini S&P futures (ESU14.CME) rallied 14.5 points overnight, followed by a 16.5 point drop from the Globex high to a low of 1959.50. The selloff was magnified first by the US sanctions on Russia and now by the news that Malaysian Airlines flight MH17 crashed in eastern Ukraine, near the Russian border. As the Ukrainian government and Russian separatists both deny shooting down any plane, news continues to come in. Meanwhile, Alibaba has scheduled its IPO for September, not summer as some were hoping. While we remain bullish overall, there’s no doubt the markets have an even bigger load of bad news and uncertainty to contend with. We anticipate further selling today. Details in the video.