Pre-Market

After a thick day of earnings with a lot of revenue misses in some important companies (IBM, EBAY, INTC, AXP) I would have thought we'd see a little more action than the overnight session where all the moves expected last night were muted.

I thought I'd be capturing at least several charts this morning, it turns out I only need one and don't really "Need" it, ES...

This sort of "U" shaped move (some of it to the left is cut off) isn't as exciting as it "may" look, it's about a 2.5 point range from yesterday's 4 pm closing area. Obviously there's a positive divergence right at the European open and currently a small negative divergence pre-market, the other Index averages look the same.

Perhaps some of those EUR moves last night were in connection to the Japanese President of the GPIF fund stating that Europe won't be ignored as a (Hot Money) investment.

The FX moves overnight were largely there, but VERY muted and almost range bound, I had written notes about all the major pairs, but they aren't even worth typing, it was so slow. Same for the individual currencies, I don't think any of the initial impressions from last night have changed, just not moved that much or that fast.

10 and 30 year Treasuries were assets that I thought would bounce overnight before resuming a move down, they did bounce, now we'll see if the longer 5 min chart takes them down as it suggests, if so that would be a positive arbitrage event for the market intraday depending on what Credit and VIX Futures do. Again, a lower TLT is a VERY attractive long.

Moves in Crude and gold were both muted, silver was a tiny bit more impressive on an upside move, but I still think the trend for the near future will lead both metals lower to continue building a base and they are tradable at the lower levels of their recent range or lows.

Really there's not much more than that, a pretty boring morning.

We have Bernie with the second day of his semi-annual test-i-money in front of the respectable body known as the Sen-ate, he'll be reading the same opening remarks as those from yesterday so nothing new there, the Q&A may be a bit different, who knows.

Remember Thursday as of late tend to close near the Friday Op-Ex pin.

Other than that, any more detailed information will have to be had after the open when we can look at more assets.

We have Initial Claims, the Philly F_E_D and Leading Indicators today in the US on the Economic front and that's about it.

I'm off to a Back Dr. appointment, I should be back before the open.