Market Recon Friday

Good Morning,
                       Global equities are a bit mixed this morning.  Planet Earth is painted green at this time, even if it is a light shade of the color.  The one mover I see right now is Crude.  WTI futures look set to, once again test that $40 support level.  S&P futures are not trading in line with oil this morning, at least not yet.  They are running about five points above fair value while I type.  If $40 dollar oil cracks…. I think we test $38.  That is the spot where I think we play the children’s game of Chutes and Ladders.  That is where “Swami says” we either see the fundamental breakdown in price or a short squeeze.  Wish I could be more help, but I’m really not sure.
                      The macro that we all love to peruse every morning comes to a screeching halt today.  There will be no mighty numbers sent forth from the powers that be to slap our markets one way or the other on this day.  It may not be a market mover, but we will see the November print for the Kansas City Fed Manufacturing Index at 11am ET.  This one came in at a hot -1 in October, and will try to push Philly’s +1.9 print from yesterday into a two game winning streak for the regional Fed districts.  Can they do it?  Hey, they have already won the World Series.
                      We have two Fed speakers on our radar today.  I will try to be good today, and not tell you what a lousy job that I think the Fed has done over the last 102 years or so.  There…. see.  I didn’t tell you.  You thought about it on your own.  St. Louis Fed Pres. James Bullard, who is not a voting member of the FOMC this year, but has been making some sense of late (note: friendly comment) will speak on monetary policy from Ft. Smith, Arkansas at 9am ET.  New York Fed Pres.  William Dudley will be on my island to yak it up about the economy at Hofstra University.  He, btw.. does have a vote.  New York always has a vote.  Take that, KC.
                     Only two quarterly earnings reports caught my eye for today.  They both release this morning.  ANF (.22) is bringing about a dollar’s worth of implied volatility with it….and if the options market is right about FL (.94), that puppy will probably move 3 bucks or so.
                      I know you’ve already seen the news out of Mali.  I have, in the past, told you that I carry a rosary.  I have, in the past, spoken to you about a state of grace, and always being both mentally & spiritually prepared.  You don’t have to do what I do.  I’m not here for that.  You do what you do.  Only point here is that there were two sets of footprints in the sand.  Get it ?? You don’t walk alone.  You never walk alone.  Evil exists, but you don’t have to fear.
Now, go make some dough, you crazy kids.
SPX: 2106, 2099, 2091, 2086, 2075, 2069, 2063
RUT: 1187, 1182, 1177, 1170, 1164, 1160, 1154