The Rumor Mill Back At It Overnight

The latest rumor driving ES higher overnight with the Euro was that China was prepared to invest $700 billion Euros in to the EFSF. This rumor was swiftly kicked aside when for a second or maybe 3rd day, when the EFSF cancelled it's Irish bond issue rescue that had already been reduced from $5 billion to $3 Billion and now is $0 because of the same reason we have seen all this week, "Poor market conditions", meaning no bidders, meaning the China rumor was most probably exactly that.

 Here's the Euro move since yesterday's close

 Here's the longer view and resistance coming up.

 Here's the Euro/ES correlation overnight hovering at +.90-almost 1.0

 Here's the latest ES action, which looks like the gap up may be filled to some extent.