My own take is that today was a 'technical trading day.' The economic news of this morning was 'so-so' if you take a closer look at it.
After the sell off for the past two days, and the big losses on the Nikkei overnight, the wiseguys saw an opportunity for a near term short squeeze when the futures we able to hold 1610. So they ran it right back to the top of the short term downtrend channel. It is easy to shove prices around in these lightly participated markets.
Wax on, wax off.
Tomorrow we get PPI and Michigan sentiment. As a reminder, the wealthy will get the Consumer sentiment reading about five minutes before you do.
FOMC next week and that will weigh on the markets.