Quick Morning Comments

The tradtional Tuesday Asia equity market bid did not come, but on the other hand S&P and Eurostoxx are holding levels from the US close. With Veterans day in the US low volumen most be expected. First up we have ZEW at 11 CET. Bunds opening near 118, but as we have got used to it trades weaker when it should be stronger and stronger when it should be weaker (confused ?). The focus on Equities most be the very strong support levels just below current levels and for bunds a break of 118 with support in the 117.50 / 117.25 level. Any break of 900 in S&P should see a quick test and probably undershoot of the lows from October. EUR/USD continues to be correlated with equities and here 1.27 seems to be the support level to break if we are going to see a test of the October lows in the short run. Finally Goldman Sachs will continue to be a good tell for the market and the CEO Mr. Blankfein is scheduled to speak Tuesday afternoon at a Merrill Lynch & Co. banking and financial services investor conference.