Reporting an 18.5% fall in earnings is not what US traders want to walk into first thing in the morning. S&P futures have been down 13 points to 1814 on the news and with the big losses yesterday that’s probably dashed any hopes of a comeback today.
S&P futures 5 min chart 11 04 2014
Futures bounced back to 1821 but are still down 6 points.
We’re looking like we need to keep a close eye on early US trading as we could get a tip over from yesterday.
I’m not liking my GBP/JPY long one little bit and I’ll probably scratch it given the chance. If not if any one of 1.6720 in cable, 169.40 in GBP/JPY or 101.30 in USD/JPY goes I’m bailing.
Just looking around and US bonds continue to slide with 10’s now testing the 2.60% level. Low so far 2.61% -3 bp so far
