The EUR is up in early trading on Thursday with plenty of PMI data to come from Germany and France today. Making for some optimism is the upcoming European Economic Summit that will kick off shortly. That is not a typo, it is in fact another attempt at putting the ship on the correct navigational chart. Once again count on a flood of words to grease investor sentiment as yet another round of the confidence game is played out. By no means are the likes of Greece, Spain, or Italy in safe waters. The key to all of this is an attempt to make sure Greece can get its latest round of funding while somehow skirting what has been asked of it regarding financial/ budgetary mandates. It will prove to be yet another example of turning a blind eye to governance gone wrong while the E.U. tries to save its collective skin and prays for a mighty dose of growth (somehow) in order to pay the bill in the future. Germany will be the key player within this even though they would prefer to stay out of the spotlight, but Germany has blinked so many times that investors are likely counting on them to do so once again.

The States will be out of the markets one hundred percent today with New York, Chicago, and other sources of trading amusement closed for the Thanksgiving holiday. Yesterday the University of Michigan Consumer Sentiment missed its estimate and also fell below the previous month’s reading. But ‘bulls’ were quick to point out that weekly Unemployment Claims had done better than the week before, while casually failing to mention that the outcome was 410K filings – which it needs to be said by Digital Markets Advisor is HIGH and not promising.

Gold has climbed also as of this morning to 1730.00 per ounce. The precious metal can expect some help from a strong Single Currency and the possibility of some added risk taking with many participants on the sidelines until the start of next week due to the American holiday. But it should be noted that if traders can find someone to trade with this afternoon that they should expect a rather choppy and unpredictable session. In the meantime, Crude Oil is nearing a short-term high via WTI today and the commodity could be viewed as top-heavy.

Tomorrow GDP numbers and the Ifo Business Climate reading will come from Germany. Thus, while it can be counted upon that E.U. officials will do their best to write yet another optimistic script for its brethren today and tomorrow, that there is a chance that poor cold hard statistics could provide a dose of unwanted reality. However, with the absence of most financial institutions from the United States today and very light trading expected tomorrow, opportunities will exist for those who have strong stomachs and like a casino type of environment as FX, commodities, and global equities move without an important ‘high roller’ around the tables.