Good Morning Everyone! Well as you slept, the Chinese CPI data actually came in Stronger then estimates. Their Retail Sales and Industrial Production numbers missed estimates also. The miss on CPI data points to less of a chance of any action by the Chinese Government. Opec came out saying that Oil Inventories were higher and WTI Oil has pulled back to 96.20. Greece's third party is meeting tonight, the main parties in Greece must either form a coalition by today, or face a second General Election. So far, it appears the smallest party in the country’s parliament indicated that it was ready to join a pro-bailout coalition. The Democratic Left party has indicated that it may enter a coalition led by the centre-right New Democracy party and backed by the Pasok socialist movement. Pasok and New Democracy between them have 149 seats, two short of a majority. At this point, I don't see a deal in this mess...we will find out soon, plus we have a Spanish Bond Auction tonight.
For Today it is a BIG KEY MOMENT DAY, we have the SPX 1350 support (if it is taken out clean, then 1310.97 is the next fibo support), along with the WTI KEY 96.00 Oil Support and the KEY Eur/USD 1.2900 Support on our Risk Off Friday. After our day of rest on Thursday, it is clear sailing to take out all of these. German Elections on Sunday and EU Meeting on Monday are only major catalyst in near future. See what happens when you let a bear write for your blog, lol.