Today saw both the bulls and bears fighting it out for control with both sides having a good run through part of the day. Morning saw the bears continue to dominate with US indices following their European counterparts dramatically lower after the ECB dragged out its monetary policy news over two hours and still left it unclear how much money it plans to spend on asset purchases to stimulate the economy. After European markets closed and their traders went home, US markets rebounded on a combination of short covering and bargain hunting and clawed their way back into positive territory for a while before slumping back into slightly lower closes. Better than expected jobless claims and worse tan expected factory orders gave each side something to hang their hats on while waiting for tomorrow’s US nonfarm payrolls report. Last month’s nonfarm payrolls were a big disapoointment but since this month’s ADP payrolls and jobless claims have held up and support a healthy job market, pressure may also have an impact particularly since the Fed has keyed in on wages as an area of slack since the unemployment rate has come back down. Although many traders have their sights on tomorrow’ nonfarm payrolls for action, Asia Pacific markets may still be active today. USD eased back a bit in a normal trading correction, which ignited big relief rallies in AUD, NZD and JPY which had all become incredibly oversold and depressed lately. In addition, the Hang Seng could be active again today depending on how planned meetings between the government and protest leaders goes. Resource currencies may also be active on commodity price action. WTI crude had a wild day like stocks getting slammed under $90.00 then turning around and closing up on the day and well above $91.00 in a classic bear trap and key reversal day that suggests selling pressure may be washed out for now. Brent Crude also bounced back but now quite as much so the spread has now narrowed to less than $2.00. Economic News Significant announcements released overnight include: ECB interest rate no changes to interest or deposit rates as expected US ISM New York 63.7 vs previous 57.1 US jobless claims 287K vs street 297K US factory orders (10.1%) vs street (9.5%) US natural gas 112 BCF vs street 107 BCF Spain unemployment 19K vs street 18K UK construction PMI 64.2 vs street 63.5 Eurozone producer prices (1.4%) vs street (1.2%) Upcoming significant announcements include: 8:00 pm EDT Fed Bullard speaking 9:30 am AEST Australia service PMI previous 49.4 11:00 am AEST China non-manufacturing PMI previous 54.4 11:00 am AEST Australia new home sales previous (5.7%) 11:35 am AEST Japan service PMI previous 49.9 7:00 am BST Sweden Riksbank Governor Ingves speaking 7:30 am BST Sweden service PMI previous 54.2 8:15 am BST Spain service PMI street 57.0 8:30 am BST Sweden service production previous 2.0% 8:30 am BST Sweden industrial production street (1.3%) 8:30 am BST Sweden industrial orders previous (4.4%) 8:45 am BST Italy service PMI street 49.6 8:50 am BST France service PMI street 49.4 8:55 am BST Germany service PMI street 55.4 9:00 am BST Norway unemployment rate street 2.7% 9:00 am BST Norway Norges Bank Nicolaisen speaking 9;00 am BST Eurozone service PMI street 52.8 9:30 am BST UK service PMI street 59.0 10:00 am BST Eurozone retail sales street 0.7% 8:30 am EDT US nonfarm payrolls street 215K vs previous 142K 8:30 am EDT US private payrolls street 210K vs previous 134K 8:30 am EDT US unemployment rate street 6.1% 8:30 am EDT US hourly earnings street 2.2% 8:30 am EDT US trade balance street ($40.8B) 8:30 am EDT Canada trade balance street $1.60B 9:00 am EDT Brazil service PMI previous 49.2 9:45 am EDT US Markit service PMI street 58.5 10:00 am EDT US ISM non-manufacturing PMI street 58.5 vs previous 59.6