Here's today's trader chatter from JonesTrading's Dave Lutz:

Good Morning!   US Futures are basically unchanged and have been trading in a quiet band overnight.  Russell thus far not giving back any of its outperformance.    Europe is having a solid session, with the DAX climbing 90bp in decent volume led by a rebound inn Utilities.   Eyes remain on Greece, where their market is off 1.5% and Yields wider (Political uncertainty), but Euro Banks remain in the Green.   Russias MICEX is jumping 2.5% into their rate decision today (50bp hike expected), while Shanghai rebounded 3%, jumping nearly 5% from the lows as the China Securities Journal said Tuesdays dip was a buying opportunity, with heavy buying reported from Hong Kong.   The Nikkei was worst hit, losing 2.5% as wild gyrations in the Yen crosses drove flows from their exporters.   Aussie lost 50bp, weighed down by Banks (regulatory capital headlines) but Miners popped despite Ore falling 1% to $69/ton

The US 10YY is unchanged, and German 10YY has rebounded 1bp from fresh record lows.   The $ is losing slight ground against the Yen this AM, but the DXY is higher as the Euro breaks down.    Oil is under pressure, with WTI off 1.7% and just above session lows (Heavy API build, Iran $40 comments, OPEC upping supply and lowering demand estimates).  Both Gold and Silver are retreating as Chinese consumer prices rose at their slowest pace in five years but very small pullbacks given the day yesterday.   Natty Gas is moving into the green (lower projected inventories), while the Grains and Beans are mixed.    Pretty light on the Calendar DOE data for Crude at 10:30 (API showed a massive build last night, despite expectations for a draw.  Street looking for a draw of 2.7million from DOE); WASDE data on Grains at 12, at 1 a 10Y auction - Monthly Budget Statement from the Treasury at 2, and a New Zealand Rate Decision at 3

Some Trends Ill be watching today

         Watch the Euro Safety Trade yesterday saw sharp equity weakness into the German Close, and Heavy Bund Buying into the EU Credit Close at 12ET.   May dictate a pattern again today.  Growth (IWO) really started outperforming after the Euros went home.

         Oil remains in focus into Inventory data XOP well outperformed the commodity yesterday lets see how long the buy The Dip buyers yesterday hold with WTI breaking down.   DOE data at 10:30

         Keep an eye on HY HYG was under pressure yesterday, there was a big seller at ICAP early in the morning, and the weight of Energy credits could never spark a rally HYG and JNK are near 2Y lows, but heavy demand came in around SPX2035 yesterday

         Watch the Homebuilders.  ITB has been sliding south since touching $26 in late November TOL reported (7% weight), and while misses on Revs, sees FY2015 High End achievable.

         Retailers should remain in focus into the Advance Retail Sales print tomorrow The XRT remains 3% below Black Friday peaks as Holiday sales thus far have been a Sell the news -

         Regional Banks posted an impressive session yesterday, led by some of those TX/ND Energy exposed plays (TCBI, HBHC, IBOC, CFR) With Oil dropping sharply this AM they could lead smallcaps lower.

See Also:

Here's A Quick Guide To What Traders Are Chatting About Right NowWhat Are Traders Chatting About Right Now? The Jobs Report Whisper Number...What Are Traders Chatting About Right Now? The Upcoming FX Moving Headlines...

SEE ALSO: 10 Things You Need To Know Before The Opening Bell