Editor's Note:

The market looks a little vulnerable here. Early gains faded on Wednesday. The S&P 500, the NASDAQ composite and the small cap Russell 2000 all ended the session in the red. Losses were not that bad but the NASDAQ and the Russell both produced bearish engulfing candlestick reversal patterns.

Tomorrow the market will be focused on two things. First will be the European Central Bank's decision on interest rates. More importantly if the ECB announces any sort of QE or stimulus plans. ECB President Mario Draghi will be holding a press conference after the ECB decision is released.

The second major issue remains the conflict in Ukraine. There were stories today that Russia and Ukraine were talking over a ceasefire deal. At the same time Russia announced it's staging major exercises for its troops that handle their strategic nuclear arsenal. Yes, you read that right. Russia's is staging practice drills for its nuke teams. You have to hand it to Russian President Putin for his subtlety. At the same time U.S. and NATO forces are staging exercises in Western Ukraine while the fighting rages in Eastern Ukraine. NATO is also holding a two-day summit this week.

Reaction to these headlines above could move markets or stocks could just churn sideways while investors wait for the U.S. jobs report due out on Friday morning.

Given the market's performance today we are not adding any new trades tonight.