Overnight

It looks like we are getting that move in futures that was starting yesterday, which I thought would be done by yesterday, unfortunately it got a slow start.

French unemployment hit 11 year highs at 10.6% on the 6th rise in a row.

German factory orders were down -1.9% on an expected rise of +.6%.

The ECB left rate unchanged today.

Initial Claims came in better than expected at 340k from  revised 344k (previous 344k)-that would be seasonally adjusted, non-seasonally adjusted rose at the fastest rate of 2013.

Productivity dropped at the fastest rate since 2008 with unit labor cost rising t the fastest rate in 11 months... hmm.

Seasonally adjusted, that's all I'll say.

The January Trade Deficit shows us December was a fluke, the deficit spiked back to $44.4 billion - it recent long-term average - as exports were $2.2 billion less than December exports of $186.6 billion while January imports were $4.1 billion more than December imports of $224.8 billion.

The EUR/USD just recently popped back above the $1.30 level as suspected.

Futures don't look like anything interesting...yet, that should change soon...

 ES

NQ