This week's collapse of TLT has been stunning in its momentum and in the PIMCO/Gundlach diverse forecasts for TLT posted earlier in the week Mr. Gundlach gets a gold star. The VIX was in a convoluted downward cycle this week and next week will see earnings ramp up and the possible fallout from Turkey's coup or attempted coup, depending on who you believe. However, looking back on the strong rebound from the Brexit vote the impact of the Turkey's situation is likely to produce only a small impact on market momentum.
