10 mins ’til open

Figs from Germany (ZEW) show stronger than expected sentiment, china stock up about 1%.
Us figs, building permits little weak (not much), core PPI down big, PPI down —- USTs therfore back up a little after soft in London. OIL getting smashed in l;ast hour, AUD down in last hours, EUR down sharply in last hours.

Feels like a bit of complaceny around to me – theses moves in currencies being glossed over a little – seems risk appetite is not returning strongly. USTs had a super strong rally last 6 days so would not be surprised tos ee some selling today and I think this will temper an ES selloff. Expecting a weaker ES, not huge but reasonable, but not huge follow through to downside b/c I expect USTs to be a little offered.

So bearish bias but expect rotation and 2-way trade.

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