Open

This morning JPM and GS both beat.

There was, of course, the old loan loss reserve shuffle which was used to achieve that, but that's the new way to report for investment banks.

BA isn't having a very good time with two 787 Dreamliner fleets grounded after continued problems with the forward batteries.

ES slid about 5 points overnight, but is looking a bit better in pre-market.

3C looks better in pre-market, as expected, NQ (NASDAQ futures) look even better.

As of just a moment ago on the open, the theory from last night about index rotation seemed to be verified with the SPX and IWM gapping down and the QQQ gapping up.

You know what we are looking for, we just stay patient and move quickly when the opportunity is ripe, which could be any hour.