For the most part, indices, commodities and currencies have stabilized today to assess the technical damage done to markets by the volatility of the last few days, particularly in energy markets. Crude oil tried to bounce back slightly but didn’t get very far with gains pretty feeble compared to yesterday’s losses. As the morning has progressed both WTI and Brent have come under pressure again with WTI once again testing $60.00 and Brent trading back under $65.00. The impact of the big drop in crude oil prices has started to influence central banks in different ways. Norway’s Norges Bank responded to the potential impact of lower oil on the local economy with an interest rate cut. In Russia, meanwhile, the combined impact of sanctions and falling oil has forced the central bank to raise rates again at the worst possible time for its economy. Canada continues to benefit from its closeness to the US. CAD is holding steady today while NOK and RUB remain under pressure. Some of the flight to defensive havens has eased a bit today with both Gold and JPY slipping back a bit but these appear to normal trading corrections after big moves. European and US trading finds both the Dow and the Dax in positive territory. US indices and USD have picked up since 8:30 when US retail sales came in well above expectations. This news indicates the US economy remains robust with a positive outlook for domestic corporate profits, but also means that the pressure remains squarely on the Fed to start raising interest rates in 2015. Natural gas has bounced back a bit today with a big storm and falling temperatures in the East, and could be active later in the morning around the weekly storage report due at 10:30 am. Corporate News Lululemon Athletica $0.42 vs street $0.38, raised FY EPS guidance to $1.74-$1.78 from $1.72-$1.77 Economic News Economic reports released overnight and this morning include: ECB targeted LTRO offering €129.8B vs street €130B and previous €82B Total TLTRO program €212B just above half of original €400B target Norway interest rate surprise 0.25% cut to 1.25%no change had been expected Russia interest rate 1.00% interest rate increase to 10.25% as expected US retail sales 0.7% vs street 0.4% US retail ex auto 0.5% vs street 0.1% US jobless claims 294K vs street 295K Canada house prices 0.1% as expected Australia employment 42K vs street 15K Australia full-time jobs 2K vs previous 33K Australia unemployment rate 6.3% as expected Germany consumer prices 0.6% as expected Sweden consumer prices (0.2%) vs street (0.3%) Sweden unemployment rate 7.4% as expected Economic reports due later today include: 10:30 am EST US natural gas street (45 BCF) 4:45 pm EST NZ Business PMI previous 59.3