A.M. Update

It looks like we may finally have ignition on a bounce, whether or how long it holds is anyone's guess and of course there's MCP today which should be entertaining.

Overnight Australia printed the worst unemployment in 12 years sending AUD/JPY falling lower.

Shortly after though the Japanese Pension Fund announced it is cutting back their JGB allocation from 60 to 40% and increasing their domestic stock allocation from 12 to 20% closing the Nikkei up +0.48%.

German Industrial Production saw a big miss at +0.3 vs consensus of +1.2 which sent bunds to new record highs and the 2-year bund yield below 0%.

Spain also came in light on Industrial output at 0.8% vs expectations of 2.7%

Europe is mostly, modestly red.

In the US Initial Jobless Claims came in a bit lighter this week at 289k vs consensus of 304k with the 4-week moving average now at lows not seen since Feb. of 2006.

Other than that, the ECB met today and kept rates unchanged.

I do like the way overnight futures look and we are set to gap up...

ES 1 min