[Traders work on the floor of the New York Stock Exchange January 7, 2016. REUTERS/Brendan McDermid ]Thomson Reuters From Dave Lutz at JonesTrading, here's a super quick guide to what traders are talking about right now: Good Morning! Yen is ripping higher this AM. Everyone stunned Kuroda shot a blank. Smashed EU Equities, with chants of "Sell in May" intensifying. Thanks to FB tho, we have QQQs “only” off 50bp while Spoos / Russell a bit worse. It’s a sea of red in Europe still, with most exchanges just off overnight lows. The DAX and FTSE down 1%, with Banks among biggest losers on the BoJ, and Lloyds getting whacked in London on #s. Every sector is buried red in Frankfurt in heavy volume, as Industrials are clubbed for nearly 3%. In Asia, Nikkei dove 3.6% as the Yen has its 3rdbiggest gain in 10years and Banks lost over 6%. Japan is closed tomorrow – while Shanghai lost 20bp, weighed down by Tech. Aussie bucked the trend, jumping 70bp as BHP surged. India had a sharp give-back of their bid from yesterday. Dovish tailwinds from FOMC and “haven” flows flushing toward Treasuries and Gold early – with the US 10YY trying to hold the 50dma down near 1.82%, while the bid under Bunds has driven their 10YY back towards 22bp. The $ is under pressure, as the Bank of Japan's inaction this morning has spooked investors, causing the $/Y to collapse near 108 and the NZ$ ripping as they stood pat on rates. Weaker Dollar is a tailwind for commodities, and given Ore jumps back 3% and Rebar climbs 2% in China, the US Miners may outperform a bit. WTI is off small, failing yesterday’s $48.50 peak in the overnight but holding near these 5M highs. Natty Gas remains under good pressure into Inventory data, losing 2% early. Ahead of us today, we get US 1Q GDP, Core PCE along with Weekly Jobless Claims at 8:30. Natty Gas Inventory data hits at 10:30, just before the Kansas City Fed Manf. Activity hits at 11. At 1pm, the US Treasury is auctioning off $28B in 7’s. Down in Washington, at 10am the House meets to consider H.J. Res. 88; a joint resolution to disapprove of the Labor Dept’s fiduciary rule (White House said Obama would veto bill), while the House Agriculture subcmte holds hearing on impact of capital margin requirements on end-users. NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy
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