A.M Observations

Right now it almost seems like nothing has moved although there was movement overnight, ES is only 1.75 points above yesterday's 4 p.m. print and surprisingly we aren't up 10 points on Japanese GDP in nominal terms coming in overnight at 0.4$ and 1.9% annualized for Q#, down from 4.3% at Q2.

Next Europe,they just came out of recession and already Q3 GDP prints at 0.1% (Q2 @ +.3%) with Italy and France printing -0.1% (two consecutive quarters of no growth is a recession). So is Europe on it's way to recession #3?

It's easy to see why the ECB is trying to kill the Euro, it's hard for Abe to explain Abe-nomics (Japan's massive QE) with a print like that, yet... ES is near unchanged after all that bad news which is always GREAT NEWS FOR THE MARKET!

Initial Claims in the US came in at 339k vs 330k expected, this is the 6th consecutive miss, but 5 states estimated their claims, why even bother?

Those 5 min negatives from overnight are still there in the Index Futures, the other QE sensitive assets, $USD is relatively flat, but Treasuries also have 5 min negatives and so does gold, those are all Taper On Signals oddly.