The Morning Morsel-Move Over Japan

China has bumped Japan to the curb and taken over as the second most powerful economy in the world. Japan’s GDP growth is on the down slope yet China continues to move its needle in dramatic fashion.

Euro markets are slightly lower this morning and U.S. futures are about flat to slightly down. European jitters are back, as the strength of their “uncovery” is in question once again.

In an effort to be specific and precise, the market could go either way this week. I am however feeling “longish” on oil, although the dollar will need to take a bit of a rest after its very strong technical bounce off the 200dma. The financials need to pick it up or this market is going lower.

At 8:30 we see the Empire Manufacturing data  and at 10AM the U.S Housing Index is reported.

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