Here's A Quick Guide To What Traders Are Chatting About Right Now

Stifel Nicolaus' Dave Lutz has got the rundown on what traders are talking about before the opening bell:

Good Morning, and welcome to the 4Y anniversary of the "Flash Crash"! US Futures are slightly higher, but on the lows of the session - Yesterday's volume was almost 30% light to normal trends, and the thin catalyst calendar today coupled with overseas holidays may limit trading ahead of BOJ Minutes and Yellen tomorrow. In Europe, The DAX is basically unchanged, but Europe volumes pacing 20% light with Banks and Miners your weakest spaces. Ukraine stress is coming off a bit, with Moscow's Micex up 1% - and seeing a reversal of some European "haven" plays. Asia Trading was light with Holidays in Japan, South Korea and Hong Kong - but comments from BoJ's Kuroda has a bid under the Yen - hitting Nikkei futures slightly. China traded basically unchanged, while Aussie gained small. Earings continues rolling today - we are looking at DTV, MOS, ODP, and UBS pre-open, with ALL, FSLR, GRPN, LBTYA, BID, TRIP and DIS after the close among others.

The 10YY is basically unchanged this Am, with some flows into Europe as Spain and Italy 10YY hit record lows. Kuroda's consumption tax comments have the Yen strengthening into the BOJ minutes, while stronger Eco data in Europe has the € hitting new 2Y+ highs against the $. The A$ was unchanged after the country's central bank left interest rates unchanged at 2.5 per cent and "made less of a fuss than expected about the Aussie's strength." Overall, with the DXY testing 1Y lows - we have a tailwind for commodities. We have a bid under some industrial metals - with Lead, Zinc and Copper all higher - Gold is weaker, approaching 200dma and $1300/oz support. The energy complex is slightly higher, with WTI hanging by a thread over the 100dma into API data tonight. Very quiet on the Catalyst front today - we have our Trade Balance at 8:30, a very small POMO at 11, and the ISM Semiannual Report On Business & Economic Forecast at 1. Overnight, we get API data, Fed's Stein Speaks, China's services PMI, and BOJ minutes.