Pre-Market Update

 This is the EUR/USD. The red arrow is Friday's close, the Green arrow is Sunday's open, the orange arrow is a rally after Chinese PMI came in above expectations, the purple arrow is when European PMI came in below expectations and seems to show Europe already in recession which, as S&P warned, would cause likely cause downgrades of France, Spain Ireland, Italy and Portugal.

 Here are the ES futures from Friday in the darker shade and overnight to the right, mostly following the Euro and now close to unchanged since Friday's close.

 This is the SPY 1 min After hours/premarket activity

And a 5 min version of the same.

So from here to Wednesday (and there' talk of that meeting being postponed already), it will likely be a toss-up between whether investors fear a downgrade which would put French banks out of the game as they lose their Aaa rating and whether investors feel that the EU will come to the table with a credible plan and soon. Just so the enormity of the task is put in perspective, the EFSF needs to be leveraged to an amount that s greater then the #1 EU countries entire GDP-that being Germany.