Trading today will rather be light as we said US markets are out of the market, nevertheless the sentiment has not changed and even as they are away they remain markets' driver. Starting the week with falls recorded in Asian markets on fears of a recession in the world's largest economy and the Yen again remains the active winner in this equation.

The European continent on the other hand started the week on a rather different tone this week especially the 15 nation currency sliding to a four-month low against the yen and a three-week low against the dollar; as bets pare for a rate cut by the ECB as expectations of a slowdown in economic growth mount as the US effect spread; that was after comments from ECB council member Nout Wellink that growth may slow to around 1.5 percent down from 2.5% projected earlier.

American housing market spill is rather a global effect now than just a US dilemma; we are now still focused on projection and expectations and nothing will be final until we see the final print of actually consistent data that reflects the extent of materialization to losses on a macroeconomic level.

A light week it is dear reader scheduled releases wise, yet we cannot say that on market movement levels; so be prepared and pay attention to officials' remarks from all economies as they are now the coal that feeds burning markets. I have a dream was what Martin Luther King Jr. said and we as well now have another dream and that's just to find the light at the end of the tunnel so let's celebrate the day and commemorate a great man in our way and hope that the US economy now finds is way to salvation away from recession…