Pre-Market

So far it's been a rather uneventful overnight/pre-market session with a lot of things going on, lots of macro-data, a F_E_D speaker, I.C. in front of tomorrow's NFP, several C.B. announcements, yet ES is still within 1.5 points of yesterday's 4 p.m. close which is good from my perspective.


The Bank of Japan left rates unchanged overnight or QE rather as that's the real information and they are still targeting an eventual monetary base of $270 trillion yen.

The ECB didn't surprise anyone and left rates unchanged.

The 10-year UST might be the biggest news as it's just a few basis points from 3% as it dropped to fresh lows, if 3% is hit, then stop losses are triggered and another wave of selling comes.

At this rate the F_E_D or the PPT WILL HAVE watch a market decline in hopes of getting the yields to fall.

Initial Claims came in strong in the US again before tomorrow's all so important Non-Farm Payrolls, this is the largest 2 week drop in 3 months coming in near 6 year lows in Initial Claims with Continuing Claims near 5.5 year lows, for now that is good news that the market sees as bad news so we might just get some downside movement.

The F_E_D's Kockerlakota is speaking right now (since 9 a.m.) so who knows what comes of that, I haven't looked yet.

In a word, "Dull" or another, "Flat", but I doubt that will last long, about another 5 minutes.

We still have 10 a.m. Factory Orders, Services PMI, 10:30 EIA Nat Gas and 11:00 EIA Petroleum because of the Holiday, about 6 T-note and bill announcements and then the F_E_D's Fisher speaks at 1:30 with the F_E_D's Balance Sheet and Money Supply coming in After the close.

We still have catalysts for movement, nothing on my end has changed since last night except maybe the influence of the PPT in treasuries, we'll see if they step in.