It’s been another day of indecision for world markets with traders still having trouble figuring out what to make of economic news and data. Crude oil has been an excellent case in point. Both Brent and WTI were smashed in the morning falling below $60 and $50 respectively in early trading. WTI was down 5% at one point and it appeared growing stockpiles could push oil prices back toward the bottom of their current trading ranges. Then in the afternoon, after oil took all the bears could throw at it, crude bounced back to finish up on the day with WTI regaining $50 and then some. This shows that neither side is able to dominate for long. Next up for the oil market is tomorrow’s US weekly drill rig count which may show another decline. Although the rig count has fallen, it remains well above the 2009 bear market low which was near 850. Greece also continues to attract a lot of attention. The Greek government sent a letter requesting a loan extension as requested to give time to negotiate a new deal but this ran into a brick wall as Germany turned it down flat using the lack of proposals for a new deal as an excuse to remain stubbornly intransigent. These reports pushed EUR sharply lower and gold higher although initial moves were partially reversed as the day progressed on indications that the Eurogroup may have more discussions over what to do about Greece tomorrow. In all of the discussion over Greece, the first ever ECB minutes were pushed to the back burner. There were two highlights in the report that the street appears to have latched on to. First, members boosted the program to €60B per month from the proposed €50B to front load the program and show that they mean business. Second, although not directly named, to no surprise it appears Germany was opposed to the QE program. Traders should note that even if a temporary deal over Greece gets done, Germany’s ongoing reluctance to provide financial support to the economies of its biggest export customers and so-called partners may continue to hinder the Eurozone economy from reaching its full potential no matter what the ECB does. It also may grow cracks that could explode on other fronts at another time. This time it's a small economy like Greece, what happens if it’s a much bigger country that gets in trouble or changes its government next time? What this means is that volatility and trading opportunities in European indices and EUR pairs appear likely to remain elevated for some time to come. Although China remains closed for the Lunar New Year holiday, Asia Pacific markets may still be active today with Japan reporting flash Manufacturing PMI results. These reports continue into tomorrow for France, Germany and the US which may give traders their first indication of how economies are faring in February. Tomorrow’s retail sales reports for the UK and Canada may also attract attention from traders looking for signs as to what impact if any lower oil prices have had on consumer spending. Corporate News Newmont Mining $0.17 vs street $0.10 Nordstrom $1.32 vs street $1.35 Enbridge $0.49 vs street $0.52 Economic News Significant announcements released overnight include: US jobless claims 283K vs street 290K US Philadelphia Fed 5.2 vs street 9.0 US leading index 0.2% vs street 0.3% US API crude oil inventories 14.3 mmbbls vs street 2.3 mmbbls US crude oil inventories 7.7 mmbbls vs street 3.0 mmbbls US natural gas storage (111 BCF) as expected Upcoming significant announcements include: 12:35 pm AEST Japan flash manufacturing PMI street 52.5 7:00 am GMT Germany producer prices street (2.0%) 8:00 am GMT France flash manufacturing PMI street 49.6 8:00 am GMT France flash service PMI street 49.9 8:00 am GMT Sweden consumer confidence street 99.5 8:30 am GMT Germany flash manufacturing PMI street 51.5 8:30 am GMT Germany flash service PMI street 54.4 9:00 am GMT Eurozone flash manufacturing PMI street 51.5 9:00 am GMT Eurozone flash service PMI street 53.0 9:30 am GMT UK retail sales street 5.9% 9:30 am GMT UK retail ex auto street 5.9% 8:30 am EST Canada retail sales street (0.4%) 8:30 am EST Canada retail ex auto street (0.8%) 9:45 am EST US flash manufacturing PMI street 53.6 1:00 pm EST US Baker Hughes drill rig count previous 1,358