Morning Gap As Expected

And the way we got there, as expected; take a look at ES overnight...

No this gap wasn't the result of US economic data or the ADP report which was virtually at consensus, the move happened as expected in ES overnight. Based on what? Well it wasn't based on the news that the Milan exchange has indefinitely suspended trading of Greek GGBs (debt) or that German Factory orders dropped -2.7% on consensus of a +1.6% gain. and it certainly wasn't the Greek 1 year bond hitting a new record yield of 1114%. Maybe it was the German finance minister and Greek finance ministry are confident the Greek PSI deal will be completed by tomorrow evening’s deadline.


More likely it's purely technical.