News: Big tech comes through as earnings beat across the board Amazon +$73 (7%), Goog +$34 (3%) MSFT +$3(4%) Nasdaq Futures +35 handles. Dax touched another all-time overnight, NKY closed at 22 year high and US stock Indices most likely will touch a new all-time on the cash open. Helping the risk on for stocks was The Dovish Draghi Press conference yesterday which caused the Euro to drop 1.5% from yesterday’s highs to today’s lows provides reason to buy Europe. Bunds +30 ticks as the spread between treasuries trades wider as Yield/Rate differentials favor the US helping Dollar firm as well. Dollar up another 40 ticks today and approaching the 200 d MA. Stronger dollar=weaker commodities. Copper taking it exceptionally hard as strong dollar has Pushed copper below support and Long liquidation has ensued copper -2.6%.All base and Precious metals down on day. Brent failed to trade above $60 again so Upside momentum Faltering a bit aided by talks that a cease fire has been called Between Kurds and Iraqi Government forces Brent and Cl down .5%
Treasuries have found support on yesterday’s lows as we await first look at Q3 GDP here in the US. Stocks trading risk on but treasuries hesitant until data released. Today’s Number most likely impacted by Hurricanes but nowhere near the extant of payroll data.
Will be watching for any political Rhetoric regarding Tax plan.
Catalonia situation heating up again as protestors demand Independence from Spain. The situation colled yesterday but heating gup again.