Pre-Market

There was more trouble out of Europe last night, as if indices over there didn't already give you a hint, the ECB's second LTRO repayment was far below consensus of $200 bn Eur., coming in at $3.5 bn Eur. hinting the banking sector is not as well capitalized as some hoped after the first LTRO early re-payment.

Secondly the Netherlands saw their first banking failure since 2008, which will lead to its nationalization at substantial cost to the taxpayers and this in the country that is considered to have the healthiest banking sector in Europe.

ES futures behaved very early last night, spending most of the night in a tight 3-4 point range, that is until Non-Farm Payrolls hit this morning and added 157k jobs which was a small miss of consensus of 165k, but above the previous which was 155k and revised to 196k.

The bottom line, the market will open the way we expected yesterday and the way all evidence pointed.

A neat 3 point range that persisted most of the night.

However don't get too comfy up here, the 5 min ES chart that has served us so well in predicting the next day's movement is losing it's positive tilt and going negative like the bigger picture 15/30 min charts.