The big catalysts to watch this week- Mark your Calander #ECB $SPX

 The big catalysts to watch:

• 1) ECB 3-month tender Wed – per the FT, consensus seems to be that about €220bn, or half of the €442bn 12-month LTRO liquidity, will stay with the ECB. The troublesome level looks to be if more than €300bn is rolled into the three-month. A ‘good result’ is rather more contentious; less than €150bn or less than €250bn (FT);
• 2) ECB 12 month expiry on Thurs (the key will be to watch the subscription levels at the 3-month on Wed to see how much is being rolled back into ECB);
• 3) Spain debt sale - 3 billion euro auction of Spain five-year debt on Thursday (Reuters); 4) China’s PMIs out Wed night/Thurs morning ET;
• 5) US jobs on Fri