Overnight trade was once again driven by a lower Yen, however I don't think this was the whack-a-mole type, I think it's the BOJ whipping out every term like "easing" to talk the Yen lower, surprisingly it had little effect on ES, only about 2 points from the 4 p.m. print and it didn't mess up the potential Yen bottom forming.
Other than the carry lift, things have been dull.
Initial Claims came in with the first clean data in 2 months, the biggest beat in 2 months and the lowest print in 2 months, still not much reaction.
Durable Goods came in at -2% for October, largely driven by Boeing seeing orders for new aircraft fall by -60%, however the trend shows there is no Cap-ex spending, no new machines and technology, no innovation, just part time workers and buybacks.
Again, pretty dull.
We'll see what Leading indicators, credit and others due in to today as the trend this week has been ugly for the market.
I doubt today will be much, they don't want an ugly print before Black Friday, but it really seems the market is struggling as we saw late yesterday.
I doubt there are many carbon based lifeforms actually trading today, off to the Hamptons!
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