Initial Impressions

So today wasn't a good start for US equity markets after futures were near flat overnight. At 8:30 GDP and Initial Claims hit, both "Good news is bad news". The first revision of Q3 GDP came in at 3.6 on consensus of 3.1 and above the initial 2.8. The gains came largely from inventory stockpiling/accumulation, but personal consumption dropped badly, making it probable Q4 GDP is not going to look very good.

From the DOL, Initial Claims beat consensus of 320k coming in at 298k and down from last week's revised 321k print, this was not good news for the bulls in front of tomorrows NFP.

Also the ECB, unlike last month with a surprise cut, didn't surprise anyone as they left rates unchanged, but the Draghi press conference ruffled some feathers and stopped EUR/JPY in its tracks. Draghi noted raised risks to the economy, he cut inflation forecasts, hinted it is less likely they'll do another LTRO and mentioned discussion of negative rates, but did nothing. 

Right now the market's only hope for an FX lift is EUR/USD as the USD got hammered from 8:30 on, but even the initial boost there has faded to a pause, however just checking a 1 min candle, it just started moving again.

For my part I'm just interested to see whether a clear trend of accumulation or distribution sets up.

I'll let you know as soon as I see something, but for the most part, today is good eco-data which probably makes the F_E_D happy about seeing a light at the end of the tunnel, but not the market bulls.