Here's a super-quick guide to what traders are talking about right now

Via Dave Lutz, head of ETFs at JonesTrading, here's a super-quick guide to what traders are talking about right now:

Good morning! US Futures are continuing to retreat as position squaring continues into the central bankers' gathering in Jackson Hole. Spoos are off 30bp, following a sea of red in Europe, where the DAX is dropping 1.1% in very whippy trade - Miners (Falling commod prices) and healthcare (Hillary comments) the weakest sectors - while those Fins retreat 1.1%. FTSE is faring better, with a nice rally in Staples helping London lose only 30bp. Volumes are terrible across the continent, with most exchanges 20-30% light to trends. In Asia, Nikkei lost 30bp in quiet trade - Shanghai lost 60bp to 2week lows as property shares and banks struggled on regulatory crackdown fears, while Aussie lost 40bp as commod prices fell, offsetting a rally in staples on the back of grocer #s.

Hawkish Positioning continues into Yellen speech tomorrow, with equities and commodities sliding. The US 10YY is off small, despite the German 10YY making new week peaks despite headers that Germany's Ifo collapsed. The Pound is retreating from three-week highs, While Euro has a bid - keeping the DXY basically unchanged. Not much bounce in metals, as Ore dropped 3% in China - and we see Copper up very small, but Silver and Nickel falling again. $ Down, Gold Down - not a good sign for the bulls in the yellow metal. No real recovery in Oil, with WTI surrendering overnight gains and eyeballing a 100dma test 2% lower as Gasoline drops sharply overnight. Natty continues to outperform, drifting around the flatline this AM.

Ahead of us today, we get Weekly Jobless Claims and Durable Goods Orders at 8:30 - followed by Markit US Services PMI at 9:45. Natty Gas Inventory data at 10:30 - then we get Kansas City Fed Manf. Activity at 11. The US Treasury is auctioning off $28B in 7Y notes at 1pm.