Pre-Market

The notable data release last night was the official Chinese PMI which was better than the HSBC Flash PMI, but no one has believed China for some time now.

Japan closed down over 500 points or 3.72% or thereabouts, now just a hair away from a media bear market with a 20% correction since May 23rd, that's what I warned about, the Japanese example is exactly what I warned of, 1-day losses in the 7% range sure makes all the fuss over a 0.30% gain look silly.

Some people think Europe responded badly to the Chinese PMI while the US futures are responding good to the Chinese PMI, if so that's a great lesson in sentiment and perspective ruling the market, not fundamentals.

I don't know if any are correct, but this is what I see.

 ES 1 min overnight with a positive divegrence sending it higher around 4:30 a.m. EDT.

The USD/JPY with a positive divergence at the exact same time sending it higher.

The opening I'm guessing will see some follow through sell orders from retail, but retail business usually rules the first few hours of the market.

I'll be back shortly, just going to look around some more.