Fundamentals

Overnight we had a mixed Spanish debt auction that sold more bonds then it targetted which was taken bullishly in European trade.

A Lot of Eurozone PMIs were out, there was some modest improvement, but the bulk are still in contraction under 50, except Germany and France moved back above 50.

Initial Claims came in better then expected, but we know that will be revised down after it no longer matters.

PPI was a little higher then expected showing some inflationary pressure... hmm. I'll have to think about that one.

US Empire Manufacturing came in above expectations at 9.53 vs consensus of 3. New orders were up, but as has been shown during black Friday, prices paid is up with prices received down, seems they are working on ultra-thin margins and trying to pump volume with new orders up as well.

Nothing too exciting in there.