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I’m going to be missing things today, but here’s what I see at 7am:

Asia:
Sell off very mild but indices finished at day’s low. Concerns are that U.S. will drag down global growth and Japan already had a steep drop (5.2%) in machinery orders, which is serious because machinery orders are 15% of their GDP.

Europe: Nestle is buying Gerber for $5.5B, but no excitement otherwise as Europe is drifting down ahead of our open.

U.S.: We are failing critical levels today, so let’s initiate another round of mattress plays if we lose two more levels. There’s really no market moving news, so we’ll just have to see which way the wind blows today:



 

 

Day’s

Break

50

62%

Break

Index

Current

Move

Down

DMA

Fib Level

Up

Dow 12,484 -89 12,400 1,245 12,528 12,650
Transports 2,792 -20 2,736 2,817 2,889 2,983
S&P 1,438 -9 1,410 1,426 1,427 1,460
NYSE 9,413 -55 9,250 9,250 9,218 9,465
Nasdaq 2,459 -18 2,400 2,440 2,454 2,500
SOX 471 -5 470 472 477 490
Russell 808 -6 790 798 803 820
Hang Seng 20,380 -69 19,400 19,941 20,192 20,600
Nikkei 17,540 -129 17,200 17,417 17,617 18,000
BSE (India) 13,113 -69 12,750 13,425 13,814 14,200
DAX 7,117 -36 6,700 6,818 6,830 7,100
CAC 40 5,717 -36 5,500 5,597 5,601 5,780
FTSE 6,385 -28 6,200 6,298 6,297 6,450

US Markets

I don’t have a lot of hope for the markets as oil insists on heading higher, up .60 in Europe. Slowing economy and rising oil prices is really not a good combination and we can expect a violent reaction to negative retail sales numbers today, so let’s watch out for that.

It’s interesting that gold can’t break $680 with all this going on. Oil is having trouble at $62.50 and those are the things that are giving me hope, but the dollar is just so pathetic I’m not sure I see a catalyst for a turnaround.

GoldDollar

Be careful out there today!

Source: Options Trader: Thursday Morning Ideas