In to the open

Overnight trade wasn't too exciting, but there were some interesting data points that touch on subject matter recently covered here.

First the futures...

 Even though ES gained some since the European open, it was still flat by the US open with some initial opening volatility that we commonly see.

While NASDAQ futures tried to regain some of what was lost overnight, they still fell nearly 50 points shy.

The question of the AAPL extended hours trade was answered...

3C worked fine, but for extended hours trade only.

As far as macro data, it was mixed. The Chinese HSBC PMI manufacturing print came in better than expected at the highest print in 24 months with a slight beat of consensus.

Japan however posted the largest trade gap ever (in large part due to the ongoing argument over a few uninhabited islands.

All of this Yen destruction was for nothing as the exports went to heck in a hand basket.

This is the seventh consecutive drop in exports, right around the time frictions heated up with China.

French Manufacturing fell from 44.6 to 42.7 on consensus of improvement at 45.1 (anything under 50 is contraction). Now France is definitely infected and Germany has 1 of 2 pins knocked down heading toward recession. The nasty "C" word, CONTAGION of the core, the thing all EU efforts have sought to avoid is here, but you'd never know it by looking at the Euro.

Still in that large triangle range as some claim the Bank of International settlements came to the EUR's defense after the French PMI print.

It didn't stop there, Spain hit a new all time high in unemployment, adding another percentage point to 26.02% with youth unemployment over 50%.

In the US, Initial Claims came in better than expected at the lowest print since January of 2008-REMEMBER, the F_E_D's new yardstick for policy accommodation is economic data so a good print is bad news for those looking for more QE handouts. The print was 330k, but 366k people fell off extended claims in the first week of January, plus who knows how much "seasonal adjustment" seasoning was added.

Finally for a good laugh, since AAPL's earning several analysts have cut their price targets, one from $1,111 to $888!

Opening indications are coming up...

Glad we sold AAPL calls yesterday?