Pre-Market Futures

Pre-market looks to me, a little more risk on than it actually is, we usually have the opening volatility, a shift somewhere between noon and/or 2 and toward the close.

Here are some of the futures

 ES gained overnight, but the divergence building in to the open doesn't look supportive of the overnight gains.

 Looking at the ES 5 min chart you can see where it appears strength materialized at the "Dip".

NQ 1 min shows that strength was specifically on Friday's late day sell-off, at least that's where it started, still minor strength.

And the R2K futures just don't look very good going in to the open (1 min).

Overnight we saw Chinese PMI (Official) come in at a second print of 51.6 which is a second consecutive (but same) 9 month. HSBC's China Flash came in at a more believable 48.3, but the Chinese liquidity situation in the banking system from last week shows signs of a lot of improvement.

Europe scored  a Final PMI overall print of 48.8 vs last at 48.7 for a 16 month high, the periphery improved including Spain hitting 50 (the divider between expansion and contraction) for the first time in years. Italy and France improved, while it was the very core,, Germany that declined, not much, but contractionary from 48.8 to 48.7 while the smaller countries improved, interesting.

French Pres. Hollande also issued Obama a warning or ultimatum, to stop spying immediately on Europe both here and abroad which may endanger the recent Atlantic trade treaty, not sure if I mentioned the N_-s..A was caught spying on European diplomatic offices here and there.

And finally Egypt is on the brink again with 1 million + people in the streets of Cairo and Tahir Square demanding the Egyptian, Islamic Brotherhood president, Morsi resign. The people destroyed the Brotherhood's offices and 5 cabinet members have stepped down, but this (both the the election of a Muslim Brotherhood sympathizer and it not working) were both predicted while Mubarak was still in office right here.