Second Verse, Same as the First-USD/JPY & Volatility

I'm not going to get in to the whole Abe-enomics thing right now, but Abe did speak last night, the market now thinks his Super QE and growth forecasts are a joke, the USD/JPY broke under $99,50 and the Nikkei saw an intraday high to low swing of 700 points or an intraday swing of 5%


There was a lot of not so goof European economic data, their second GDP read is still in recession, Services PMI came in broadly worse and Eurozone retail sales looked horrible.

We do have some bad US news, the Worst month for Mortgage applications and the ADP (noisy series any way) has an 8 month low in labor so maybe the market will take this as Bernie can't back out so soon.

We'll see shortly.

I don't see anything exciting in the futures at this moment except the R2K futures look a bit better and the $USD looks a bit more positive, but as soon as we open the fireworks usually go off.