Some are saying the ramp up in futures is algos following oil, which I have mentioned the last several days in the context of oil and other commodities seemingly following the hint the EUR/USD has been giving in the Euro moving higher, but the $USD failing to have moved lower in the normal relationship as of yet.
The 8 a.m. move could also be tied to news on the Fiscal cliff which would move major deficit reduction talks in to 2013.
In any case, all of the averages look set to gap higher, remember that we almost always see extreme momentum once 9:30 hit as futures move a lot either up or down and today is also options expiration.
Other than that, it's been fairly quiet overnight with the exception of Eu area import/export data coming in ugly.
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