Overnight

One would be remiss not to mention AMZN's earnings after market which are trading down -10.4% in pre-market. Due to the magic of accounting, it's hard to say if EPS really did beat, but the headline number is a beat (consider though its comparing apples to oranges), what did miss was revenue at $17.43bn vs consensus of 18.26 bn, however the real trouble as always with earnings was guidance which was guided lower.

ES saw a slight bump overnight on Chinese PMI at 50.5 (consensus of 50.6 and a Wall Street whisper number of 52), that bump faded and ES hit a new low for the overnight session slightly below 1304. A batch of better then expected PMI data from Europe sent ES and the Euro up significantly, however the Euro is struggling with a descending triangle consolidation right now (bearish consolidation), so we'll see if the gap is faded much like yesterday.

There have been more promises that the Greek debt deal would be finished today, despite yesterday's news of an emergency Greek meeting as the negotiations hit an impasse with a increasingly more difficult Troika, so I wouldn't get to excited about that quite yet.

I'll be posting opening indications earlier then usual this a.m.