A.M. Update

Good morning.

After last night's Chinese data miss, notably Retail Sales and Industrial Production, bad news turned to good news on the hopes of more easing although no such thing was mentioned. In fact the only thing on the wires is a 5th night of Japanese news about the delayed sales tax and snap cabinet elections sending the Nikkei higher.

Along the same lines of implied bad news is good news, the ECB cut Eurozone GDP and inflation forecasts for 2014, 2015 and 2016 implying to the investing public at large that QE is coming, again sending futures higher, but in a near mirror reversal of yesterday's positive divergence in to the open, there has been a rather large negative overnight that kicked in around 6:30 a.m. and is still in effect. however we know how futures like to flip on the open so it will be interesting to see how much more damage this does to futures.

The USD/JPY looks stuck right here for now as both the $USDX and Yen look like they are about in line.