For a second straight day to start the new week and month, US indices are trading slightly lower as they consolidate Friday`s massive rally. The Dow and S&P continue to stall near their September high, the NASDAQ remains in new territory and the Russell 2000 remains well short of hits prior high reminding traders that the bullish side has a serious case of bad breadth. European indices are down moderately for a second day in a row dragged down by cuts to the European Commission`s GDP growth forecasts for the Eurozone and Germany. This increases the pressure on the ECB to ramp up stimulus even more at Thursday`s meeting. After rallying yesterday, USD has taken a day off today. AUD and NZD have taken best advantage with traders taking ongoing compliants about the value of the Aussie Dollar in the latest RBA statement in stride. JPY is also bouncing back a bit after getting smashed severely the last few days. To no surprise, the worst performing currencies today are the oil-sensitive CAD and NOK, which have been crushed overnight in the wake of yesterday afternoon`s nosedive in WTI Crude after Saudi Arabia cut its US price. WTI and Brent have continued to drift lower overnight but have started to stabilize this morning. In the US today, the focus is on midterm elections with the Republicans poised to regain control of the Senate, which would make it nearly impossible for President Obama to do anything major in his last two years. Having run up US indices so far so fast in the last two weeks, US traders appear to be content to wait for the election results overnight and ADP payrolls tomorrow morning. In stocks, Alibaba could be active again today after reporting better than expected earnings and sales this morning. Yesterday it cleared $100.00 for the first time and today`s trading may indicate how much follow through interest there may be. Corporate News Alibaba (yuan) 2.79 vs street 2.74, revenues 16.8B vs street 15.9B Agrium $0.60 vs street $0.50, guides next Q to $0.45-$0.75 vs street $0.74, 4% dividend increase Talisman Energy CFPS $0.49 vs street $0.48 WestJet $0.66 vs street $0.68 Economic News Economic reports released overnight and this morning include: Australia RBA interest rate 2.50% no change as expected US trade balance ($43.0B) vs street ($40.2B) Canada trade balance $0.7B vs street ($0.3B) Spain unemployment change 79K vs street 73K vs previous 19K UK construction PMI 61.4 vs street 63.5 Eurozone producer prices (1.4%) vs street (1.5%) EC Europe forecasts Eurozone GDP 2014 cut to 0.8% from 1.2% Eurozone GDP 2015 cut to 1.1% from 1.7% Eurozone inflation 2015 0.8% below ECB forecast 1.1% and ECB target 2.0% Germany GDP 2015 cut to 1.1% from 2.0% Australia trade balance ($2.2B) vs street ($1.7B) Australia retail sales 1.2% vs street 0.3% NZ commodity prices (0.8%) vs previous (1.3%) Japan manufacturing PMI 52.4 vs previous 52.8 Economic reports due later today include: 10:00 am EST US factory orders street (0.6%)