While some may be calling for a celebratory parade to begin because the broad markets have not been slaughtered the past 24 hours, most investors continue to sit on the fence and watch the system churn as they wait for the ‘rain in Spain’. The EUR is slightly stronger against the USD since yesterday afternoon and the GBP has done a tad better.

Weaker than expected PMI data came from Europe however on Wednesday and the fact that bloodshed was not seen afterwards may have been the only positive considering the depth of the European recessionary train. Overstating the bad numbers may be sport, but it is necessary to say that growth remains not only problematic but nearly impossible for the nations in Europe with the worst debt burdens. The German GfK Consumer Climate reading will be brought forth on Friday and while that may spur the market with a good result. A bit more than six hours afterwards the Spanish Unemployment Rate will be published which is sure to make some investors ill at ease – and if you have a strong stomach and want to take a look the estimate is calling for a mammoth 25.2% figure (that is not a typo dear reader). It should be pointed out that from the data front that the U.K. earlier today was able to turn in a victory with a better GDP result, but if a growth rate of 1.0% is going to be chortled widely and smiled upon, than it might be wise to close your ears if snickering in the background bothers you. In essence much of Europe is stuck in a whirlwind of stagnation and the U.S. is not far behind. Speaking of such the Advance GDP will come from the States tomorrow afternoon (European time) and an expectation of 1.9% is the forecast.

Gold as of this writing is near 1715.00. Crude Oil remains around 85.00 for a barrel of WTI. Global bourses have turned in slight gains today, with the emphasis on the word slight. It is the market action tomorrow going into the weekend that will be the next stepping stone that will be the test of market psychology. Simply put conditions remain uneasy. Traders who believe that there are ranges to take advantage of should be looking very short-term within forex, commodities, and equities and take profits when they have them, unless they have the patience for what could prove to be very choppy waters.