Good Morning Traders,

• World equity markets are higher across the board.  Asia up roughly 0.6% on average, Europe and UK up 1.4%.  A number of world markets, including our S&P futures, made new 52 week highs overnight.
• S&P futures have backed off from their highs after the C earnings, but we now have a range of rougthly 1287 – 1292 to work with as a reference.  Below 1287, next stop is probably 1284.  These are small ranges, which is reasonable as volatility has been compressed lately.
• In currencies, CAD continues to be in focus as it strengthens against the dollar.  The Pound and Euro are both marked higher overnight, leaving a net impact of about -0.5% on the US Dollar Index futures this morning.  (Not a significant move.)
• Petroleum products reversed on an OPEC rumor, after the distillates (roll adjusted RBOB, Heating Oil) made new 52 week highs overnight.  Watch for these to be in play potentially.
• Also, watch precious metals, which should be treated as “breakout mode” = do not fade moves.  Platinum is the leader, and, having spent a few days consolidating at the highs, is primed to move.  In my opinion, direction is flexible on this breakout, so dont be married to a position.
• Overall, we are seeing rotation into Energy, Industrials and some Tech names.  Basic Materials have not provided the same opportunity in recent weeks as they have over the past quarter, but metals and miners will offer some plays on any real move in the underlying metals.
• AAPL, FRX, DAL should be in play today.