A.M. Update

Good Morning!

Once again, like Wed/Thursday night/morning (second consecutive overnight session) futures touched new highs and then faded those highs lower, pretty much on the back of USD/JPY. The fade of overnight highs seemed to come after Japanese officials said that strong directional moves in the Yen either direction are "Undesirable". 10 year Japanese bonds fall/yields increased.

Shanghai and the Hang Seng closed in the red while the Nikkei made up for some of yesterday's losses with a +.52% gain.

European shares have give back a bit after earlier gains, as of now the FTSE is green with the DAX and CAC-40 in the red.

 German Industrial Production report came in at a miss as the economic picture there (Euro-area) deteriorates in to what is likely already an all out triple dip recession. German 10 year bonds fall/yields increase.

The $USDX as expected last night pulled back lifting crude, silver, gold and other $USD denominated commodities. Also as expected after the close, the Euro gained against the $USD

The all important NFP/Employment Report came in at a miss at 214k jobs added vs consensus of 235k, but the actual is not far off the 12-month average of 222k, while quite a bit off the last month's revised 256k print. The market had expected an even better print than consensus, the whisper number was much higher due to the ISM Services employment index. The official unemployment rate dropped to 5.8%.

The market reaction, not as knee-jerky as I would have expected at first , although definitely a pump and dump as it seems the headline unemployment rate was seen first and details second with ES, bonds, silver and gold all pushing higher, since it has been a mess. Silver futures were even briefly halted.

ES has lost ground, about 7 points from the knee jerk reaction high as they leak lower with 30 year treasury yields on stronger bonds right now.

It's still a mess, but the trend as of right now, as small as it is, looks lower in to the open for Index futures.

Oh... and Kiev was once again claimed a Russian incursion of 32 tanks and about a dozen artillery pieces. While the Rubble may react, it seems the market has totally ignored the call of foul.