So we broke 940 yesterday on S&P, but the next support level 900 held before close and S&P are better know at 920. Eurostoxx traded down to 2470 yesterday, but it now 2543. Where the overnight optimismen is coming from I don't know, but maybe its related to
- Hope for Ombama Economic meeting today
- The possiblity of a rally after the expected very weak NFP today (always good woth rallies on bad data!)
- The possiblity for those that missed the boat last week to get on again after 10% down in the last 2 days
Will also be interesting to see US t-notes and bunds after the data. In the last few NPF Fridays we have sold off after the numbers even when they were much worse than expected. Small long bunds/schatz here and some puts on Eurostoxx. Expected NPF is -200t, but whisper probably lower than that. S&P levels to watch most be 900 - 940 for signs on more trouble or return to the bounce story.
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