PRE MARKET

Futures are up a wee bit this morning. We wanted to add some thoughts to our weekend report.

The Euro is now moving higher as it looks like a big bottom has been put in place. If this continues, expect the recent better action in oils and a little bit better in commodities to continue. Dollar down…commodities up. We are not sure to what extent this works and will let you know as things progress. Keep in mind, all these areas are under-owned so need to watch for changes. We do recognize important names like BHP and RIO could be turning the corner here as they have been, as usual, following the price of copper.

Chinese ADRs all gapping a bit today to the upside as they have been strong. Keep in mind, when playing, there is always country risk but for now, a few names on the move.

Other than that, so far, last Wednesday was a one off. We are reading many that are saying that is the shot across the bow and after the holiday, market will crumble. We will let the market decide.

Bottom line, very split tape right now but continue to see fireworks on the Nasdaq/ndx/ China ADRs- type stuff.