The broad markets traded lower yesterday except for the grain complex. Forex saw the EUR struggle a bit out of the gate against the USD in early trading on Monday and the Single Currency never picked up any real momentum. Gold lost value and as of this writing is near 1663.00 USD. Crude Oil also slipped from it highs. The EUR, Gold, and Crude Oil still are near the higher parts of their short-term ranges and should be watched for possible further deterioration if overall investment confidence continues to remain lackluster.

The GBP and AUD also traded lower against the Greenback on Monday. There was disappointing data from Germany via the Ifo Consumer Climate reading yesterday. And the general mood of investors was hampered by whispers that appear to be growing that the Federal Reserve may choose not to offer any new stimulus in September. From Europe, news came that the ‘Troika’ that is overlooking the Greek debt and austerity measures for the E.U. will not issue their findings until October. The official reason given for this postponement is because Greece still needs to implement its privatization requirements in September. However, a skeptic might suggest that the E.U. is trying to give Greece additional time to pull a rabbit out of their hat.

Wall Street turned cautious on Monday. With the victory for Apple against Samsung in a U.S. court this weekend, the computer giant did provide NASDAQ enough juice to show a gain in the index. However, both the Dow Jones and the S&P were not able to feed off of the momentum.  Once again volumes remained lackluster as August draws to a close this coming Friday and the U.S. gets set to go into the Labor Day weekend.

Data will be light today with only the CB Consumer Confidence reading coming from the States. The estimated outcome is 65.8 which is lower than last month’s reported outcome of 65.9. Tomorrow will be more important with the U.S. Preliminary GDP figures on the calendar. It is clear that the broad markets remain fragile and that the ground is still being dominated by summer speculation and traders appear to be riding trends as they emerge without much correlation to the actual dismal numbers still coming from Europe.