Tame Overnight Session

If tonight's overnight session is compared to yesterday's, they are night and day. First we didn't have any blatant manipulation of the Yen or its carry crosses. In fact there was really only a slight rise in a EUR/JPY that was otherwise pretty flat around the European open this morning, I'm guessing that may have come from the bad print/miss in German Industrial Production coming in at -0.9 vs consensus of 0 and a previous of +1.6, so not great news there.

The $USD had a very, very slight upward drift, almost flat though. Gold drifted down a bit, oil chopped a bit to end up pretty much flat thus far, treasury futures had a very slight rise, but otherwise close to flat.

ES is at down about a point and a half from the 4 p.m. EDT print so this market has been super quiet, however the fireworks could start in as little as 15 mins when the ECB comes out with what everyone seems to think will be a "Do nothing" policy statement at 7:45 EDT.

I expect we get way more volatile as Initial Claims for the US come in as well as Q3 GDP estimate with consensus at 2%.

Then perhaps I'll limit my posts to 140 characters (I'm sure some of you would love that, I would love it if I could) in honor of the Twitter IPO. Will it do a faceplant like FaceBook did (I think that was just poorly handled by GS, Et. al.) or does it cause the rise in the market that I believe we get very short term, maybe even a partial day based on the QQQ/IWM and HYG charts (mostly), see last night's Daily Wrap for the complete 1400+ word post.

In other words, as quiet as the overnight session has been, I'd expect the rest of the day to be quite volatile starting potentially in 9 minutes with the ECB.

I'll be back in a little bit to see where we stand once all of the data points come in, have a great day.