Monday Market Movement

Not much is happening today as Europe is closed for their Holiday Weekend now but we did have bad news out of Japan (remember how we were shorting /NKD futures last week) as the Nikkei plunged 2.12% as the BOJ's Tankan Survey (their Beige Book) still down at -8 and, much worse, Domestic Auto Demand fell 15.6% from last year in Japan as subsidies for fuel-efficient cars wound down.  The fact that Japan's removal of stimulus immediately leads to a slump in demand is a warning shot across the bow to all that this "recovery" is NOT self-sustaining – by a long shot.  

China's PMI was weaker than expected, but still an 11-month high at 50.9.  The China Daily has an article this morning that Chain Store Sales are having their lowest levels of growth in the past decade BUT, that's still 8% – a level of growth that's triple our best single month of US growth – so it's all relative. 

IN  PROGRESS