Morning folks. Market under some slight sell pressure this morning as concerns over europe are still in the picture. The spy is down about .35% premarket.
European markets are lower in afternoon trading. Britain’s FTSE 100 lost 0.9%, Germany’s DAX slid 1.1% and France’s CAC 40 fell 1.5% on the session.
Asian stocks ended the session higher. China’s Shanghai added 1.9%, Japan’s Nikkei 225 gained 1% and Hong Kong’s Hang Seng Index jumped 1.94%
We have nothing major on the economic calender today so traders will mainly be dealing with headline news coming from overseas along with trading this consolidation triangle we have been in past couple weeks. With many trying to anticipate a break of it for a year end run its important to remember that if the bottom breaks on it that could send us right back to s&p 1200 zone. So looks like a pretty clear day. Keep in mind past 2 weeks morning weakness has been bought so Ill be looking for a potential gap reversal. We also have a Bernanke Twister in play today and i believe tomorrow which has been a nice bid for the markets past couple weeks.