Pre-Market

There's not much going on today macro-economically, we do have Bernie speaking this morning as of 8 a.m., we also have the Chicago F_E_D activity Index past at 8:30, just some Treasury offerings. We also have Stevie Cohen of SAC Capital who may be testifying before a grand jury soon-his firm accounts for roughly 15% of NYSE volume.

I still think the USD/JPY / Yen will be crucial today with one trader getting monkey hammered so badly on the momo trade that turned and bit that his forced liquidation sent silver to multi-year lows.

Other than that, we have some newly developed positive divergences in the Index futures after sliding most of the night, these are only about 5 -10 mins. old, but the open always draws some momentum bang.

The USD/JPY lost ground through the overnight session, $102 being the level to watch again or just below, likewise the Yen gained significant ground overnight. As I said last week, "We'll have to keep much closer tabs on the Yen as it seems to be a centerpiece in market action" and so we shall.

USD/JPY with the Yen gaining overnight....