S&P futures are about half a percent below earlier highs , helping take a bit of steam out of the the relation trade. Oil prices have pulled back about $0.60 from their highs but are still firm at $71.00. Optimism has been running high all day on reports that Chinese industrial output will come in firmer than forecast at +8.9%.
EUR/USD trades now at 1.4055. Central bank bids have been rumored at 1.4050. Expect small stops below that level.
Just crossing the wires, Goldman Sach’s CEO says we are in a long, protracted recession and that cahnces are this is not an economic recovery we are experiencing.
