WEDNESDAY 2/4/15; European Banks Downgraded; PMI Services; China Cuts RRR's; ADP Employment Report; CLX; GM; MOD; MRK; RL; SO; SCCO; WHR; ISM Non-Mfg Index; Oil Collapses; ECB News Late-Day Rattles US Stocks; UA; YUM; FMC; FOXA; GMCR; ORLY

Asian indexes follow the US lead and rally across the board sans China’s Shanghai Index. WTIC and Brent oil have risen about +20% this week but take a breather overnight. The NIKK gains +2% since the dollar/yen pair climbs to 117.70 (weaker yen). Banks trade higher with Mitsubishi UFJ up over +5% and SMFG gaining +3%. Panasonic reports disappointing sales and drops -2%. Ditto Sharp that loses -5%. The television and smart screen product sales are weak. Nissan Motor gains +2% on the weaker yen and robust China auto sales. Mazda +3.4%. SNE gains +3%. TM bounces +2.4% after raising guidance.

The SSEC is the skunk at the garden party overnight losing -0.9% but 

















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 pattern repeats over and over with companies beating on earnings but missing on the top line revenue numbers. Swiss bank UBS faces a new tax evasion probe from regulators. The HOG CEO Keith Wandell retires riding his Harley-Davidson into the sunset. Matt Levatich, the current President/COO takes command of HOG in May.

The US session ends wildly with a robust upside spike higher only to print an epic failure topping out and collapsing when the ECB news hit pressuring Greece to come to an agreement sooner rather than later on the bailout package. All eyes are focused on Europe.

The ECB must be gravely concerned about four weeks of uncertainty occurring before the Greece situation is resolved. The news this afternoon is a shot across the bow at Greece to bring them to the table quickly and nip the drama in the bud before negativity spreads. ECB President Draghi and Greece Finance Minister Varoufakis are both facing a restless night ahead.