Export countries like Japan and Germany are amongst the worst hit in the global crisis. Their readings of Q4 growth was very bad indeed and this will make the equity market trade lower today.

What's going on?
EURUSD close to making new lows and index futures opened below trendline support. The market is not impressed with the passing of the Obama stimulus package. US Treasuries showing weakness, anticipating a flood of issuance.

The Japanese GDP was shrinking at a 12.7% annual pace. Japanese Industrial Production was down by 20.8% YoY. We believe the JPY strength is overdone.

Crude Oil was finally showing some strength.