In the past 36 hours the broad markets have taken on a darker tone. Quarterly earnings from the States have begun and have been lackluster thus far which has not helped Wall Street. The IMF has emerged also as a beacon of confounding quotes. The IMF was quoted as saying that the global economy is showing signs of accelerating further into decline and lowered their growth forecast. And late yesterday was quoted via Christine Legarde that Greece needs more time to meet its mandates. The question that begs is this, what type of political game is the IMF playing exactly? What audience are they playing to? Analysts estimates have taken on a diminishing character since late this spring and the fact that the IMF is now making these ‘findings’ known has only beaten down confidence among investors more. While it is good to have a reality check the IMF has been a day late and a dollar short.

The EUR has slumped against the USD and finds itself at short-term lows. Gold has been taken lower also and as of this morning is around 1766.00 USD. Both the Single Currency and precious metal appear to be reaching critical psychological short-term support areas. The EUR has done remarkably well since mid-summer when the ECB and Mario Draghi did everything they could to muster support for the currency. However cracks that were mended over with what some may describe as weak plaster are beginning to come to light again.

Trade Balance numbers will come from the U.S. today along with weekly Unemployment Claims. Final CPI data has already been released from Germany this morning without any change. French CPI results will be published shortly. Tomorrow the States will see the Preliminary Consumer Sentiment reading from the University of Michigan and the PPI (Producer Price Index).

Early this week the markets were in a clear churning mode as investors waited on certain evidence. While the E.U. Summit next week will be a large factor, it has also become clear that other factors such as fiscal problems for Greece and Spain are not exactly going away, and investors appear to be growing tired from watching ‘the can get kicked down the block’ on such a constant basis. On top of all that the U.S. election which looms in less than a month’s time is showing signs of becoming a real contest between President Obama and his competitor Mitt Romney.