All eyes and hunches are turning to Jackson Hole where Powell is speaking on Friday. Last year the Fed chair took the market by surprise, but the last three JH gatherings have seen the market lower over the first week.

All major indices are in the green so far this afternoon, with the Russell 2000 being the biggest winner up 0.66%.

All sectors are in the green with the leaders being Energy (XLE) and Consumer Discretionary (XLY). Many retailers are reporting this week.

So far, the fear gauge is relatively unchanged and is still pointing towards fear.

The Conference Board has canceled its recession call despite the Leading Economic Index (LEI) coming in negative or unchanged for 29 straight months.