10am update - Euro smashed lower

Whilst the BoE prints more (that will solve everything, right?), the ECB cuts rates, market seems to be losing the hysteria since last Thursday afternoon. Mr Market will soon be desperately looking for its next fix, where will it come from next time? Maybe another rumour about LTRO'3 ?

ISM non-manu:  52.1 vs 53.7 previous  (lowest since January 2010) , not so great, but not 'dire'


Euro, daily

Sp, daily5

Summary

I'm really not expecting anything much today, things won't be clearer until after the monthly jobs data..and the style in which the market closes the week.

Bears can't really get excited until a break under 1305. Right now, that is a very long way down, and we sure won't be there until next week.

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