U.S. equity markets retreated from their earlier highs as investors failed to chase stocks higher after a surge overnight in Europe and Asia led to a stronger opening in New York. Global equity markets were boosted overnight by the news that China was going to let the Yuan float higher. Technology stocks were hardest hit leading to a lower close in the September E-mini NASDAQ.

Although U.S. equity markets have recovered their overnight losses, the fundamentals which influenced the market on Friday are likely to have a lingering affect on the stock markets today. Traders will be looking for bargains today and will be largely influenced by the action in the Euro especially since this currency has reached an extremely oversold condition.

U.S. equity markets tried to mount a strong comeback rally on Tuesday but fell apart into the close. Early in the session stock indices made a recovery from their lows, boosted by bottom-picker demand and driven higher by better than expected U.S. manufacturing data. For a while it looked as if U.S.

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