Pre-Market

Hopefully today we will get some real, clear signals in the market. There was an element of randomness in the overnight session, China with rising Housing inflation and a systemic cash crunch tying the PBoC's hands, the RBA saying there could be further weakness in the Aussie, Europe was a bunch of bad news from German car sales to rising Spanish bad debt, yet ES moved up overnight, perhaps the bad news is good news "F_E_D theory"?

There's a little softness in ES right now, although 3C looks to be fine, I do expect some repair work needs to be done from yesterday, maybe half or 1/3 of the day would do it.

The USD/JPY looks toppy intraday right now above $95, so that is probably causing ES softness, I'd expect softness in the a.m. market. The individual currencies of JPY and USD confirm the same, USD/JPY and the market should come down early in the session, we'll see if we still get accumulation of lower prices or not, (lower than ES pre-market), I expect we do as the F_O_M_C starts today.

I still like Gold for the very near term so I'll be watching that closely, other than that, we're just being patient until the market reveals the course in the near term.