Pre-Market

Last night the BOJ had a policy meeting/announcement and the message was, "Course steady"; the more subtle language hoped for was that the BOJ would in some way dial back or slow down their goal of doubling the BOJ's asset / monetary base in the next two years. I already covered this yesterday, the Yen's "wrong" reaction to the policy, the JGB's "wrong" reaction to the policy, Core deflation hitting 3 year highs and it's "wrong reaction to the policy while non core items such as food and fuel surge, again, the "wrong reaction to their policy. Perhaps the BOJ should consider their QE policy may indeed be "WRONG".

The Yen gained ground overnight (a market negative event)...

 This is the Yen's move from about 8 p.m. last night (EDT) to present, not good and not good for the market (stock).

While the more concerning large, classic double bottom base is gaining 3C momentum on a more significant timeframe for underlying flow of funds, 60 min. Note that the Yen is not too far from the neckline that separates a stage 1 base from the primary uptrend of a stage 2 "Mark-up" breakout.

Then this morning Spain cut their growth outlook, predicted higher deficits and scaled back the timing of their deficit reduction program.

Next the US and the first of 3 estimates for Q1 GDP...
The prior was 0.4%, consensus was +3.1% with the actual at 2.5%, disappointing. This is the biggest miss vs. consensus in 6 quarters. However this is a far sight better than the first estimate of Q4 2012 GDP which came in negative to be revised to 0.1 to avoid the possibility of the word,  "Recession" being thrown about, then to 0.4% for good measure. The market did not have a substantial reaction and it looks like last night and the last two days' analysis is more on track for our near term trajectory, at least to the point of an Op-Ex (weekly) pin, although I suspect more than that, but we'll get some clues today.

The Index futures...

 ES doesn't tell us much...

NQ seemed to be working on a positive divergence interrupted by the QI GDP

And TF is working on a positive divergence