-The SPX 500 sits about 4 points lower than Tuesdays close on the S&P 500 (as of 7:55am EST). The SPX 500 failed to hold above the 0.764 Fibonacci Retracement. This set up looks very similar to what we saw back at the end of October.
-This morning we had a strong German debt auction which could be taken as a sign of fear in the markets. We also have Sarkozy and Lagarde scheduled to meet today and comments or rumors may cause some volatility.
-This evening we will have the CNY CPI and look for more talk of China’s “Soft Landing”. Be sure to use proper leverage as we may see some price action today.
