World interest rates are in play with the Italian 10 leading the the peripherals lower against the Bund ( German 10 Yr.)

DAX…97.28-40 is pattern resistance and the closing upside pivot.

Midcap 400 Futures….(EMDM) I would need a close over the 50 DMA

of 13570 to convince me this just isn’t more back and forth.

Gilts…from a purely technical view, these have the potential for an ORL day, however I don’t trust the pattern since we just traded into a big support zone.

In racing vernacular…I think the track will be wet and sloppy all day going into this afternoon’s Fed minutes release.

Our thinking has been that a European QE would lend itself to be Short Euro & Yen and Long Spain & German Equities.

The early opening range trades have been abating after London’s close into late afternoon NYC.

Keep your eye on the Nasd 100 for the running of the stops over 3625.