My Mickey-Mouse explanation: we moved up some yesterday with the US futures and in expectation of the US rising, and then more as they opened. The East followed the US up, but now the US futures are pretty flat, signalling a lack of confidence in the bounce so you can't really be sure which way it'll go.
ja, the trick is to figure out whether the asians or the yanks are leading the charge. Keep an eye on the retracement levels on the FTSE, only about 38% at the moment, although financials are now in hte mythical ambush zone
I really dont think it is worth tracking the US futures while them yanks are asleep. In the morning's the Eur/usd and FTSE are better leaders/indicators until about 14:00 when the yanks start waking up and having some of that cheap coffee they can only afford.