Good morning traders,

• Not a lot going on in world markets this morning. Across the board, whether equities, commodities, rates, or currencies we have very little price movement and very little new information this morning.
• Asia is up slightly. Japan is the standout here, touching new 52 week highs overnight and standing +1.2% at 8:45 EST. Europe is mixed to flat, though Germany and the UK both touched new 52 week highs overnight. The standout in Europe is Switzerland, up 1.3% (1.5 standard deviations) this morning.
• The only big mover in currencies is the Swiss Franc. No unusually large moves here, but some evidence of conviction and more clear price action. US Dollar index is UNCH this morning, and squarely in the middle of its small overnight range. (That’s pretty much the definition of neutral, folks.)
• Precious metals and Energy are both flat, with London’s Brent contract down slightly and taking a pause from its recent bull run.
• Cotton has made yet another 52 week high overnight.  If you want to see how a market acts in parabolic (potential) blowoff, watch Cotton over the next week or so.  Other New York Softs are strong and Chicago grains are strong and pressing to the top of their ranges.
• S&P futures have sold off on a higher than expected CPI this morning.  Remember, every dip has been bought aggressively, so assume that pattern is in play until it clearly is not, and use 1332 as a reference point (center of overnight trading range) on the futures.