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ECB President Trichet’s Not Helping Here

Morning Notes
-Overseas markets posting another day of solid gains
-ECB President Trichet begins conference at 8:30a ET- probably will not disclose any clear details around plan, and a simple reassurance of backing troubled nations may be good enough for the markets
-Nikkei closed up 1.8% as yen weakened and exporters were strong following yday’s US economic data
-Reuters report out speculating that China is mulling a $1.5 trillion investment in strategic industries, e.g., alt energy, biotech, adv materials, alternative fuel cars, and green technologies
-ECB left interest rates unc’d @ 1%, which was expected
-S&P futures were up about 5 handles from FV, but has pulled in since- after Trichet conference began
-Retails reported November same stores sales, almost all beat expectations, but names are trading mixed in the pre market, slightly skewed to the upside
-Initial Jobless Claims: 436K vs. 424K; prior revised up to 410K from 407K
-Continuing Claims: 4.27M vs. 4.2M; prior was 4.217M
-Now just awaiting Pending Home Sales @ 10a ET
-S&P futures continued to see weakness following commencement of ECB President Trichet’s press conference
-Trichet did not address an expanded bond purchasing program; did mention though that refinancing and special terms offers will continue at least through April 2011 as scheduled; all this pulling in the futures
-Euro also pulled in, dollar recovered as did Treasuries
-S&P futures are now up 2.5 handle from FV ahead of the open

Disclosure: none