Pre-Market

So, we start off a new week without the familiar overnight pump of the futures, in fact we are set in almost every average to see an opening gap down, I do think that will be filled promptly and I'll show you why.

The missing overnight move higher is thought to be a result of some very disappointing economic reports out of China, yet Shanghai only closed down -0.3% so I'm not sure it's being taken with immediate urgency, I think there aren't too many serious market participants that are surprised, but this still will have an effect, if not immediate gratification, on the bigger picture as the world's global growth engine sputters.

Yet more evidence with regard to market breadth is seen in NYSE matched volume today (the number of shares of equity securities and exchange-traded products executed on the NYSE Group's exchanges) as it hits a new 10-year low .

As for futures, as I said, I think it is likely we see the opening gap filled and maybe some, here's why...

 ES 1 min intraday positive in the a.m.-almost an exact reversal of the last couple of weeks for a.m. indications.

 The NASDAQ futures look similar...

As do the Russell 2000

I'm not too concerned about the intraday, a.m. indications, but maybe some of you futures traders would be interested...

More to come after the open....