Pre-Market

Good morning.

To break down the overnight session quickly: Japanese PM, Shinzo Abe's coalition wins support to in the Japanese Upper House guaranteeing Abe can carry Abenomics even further so the Godzilla QE from Japan is likely only getting bigger, not fading off in to the depths of the ocean.

 Euro--area Government debt hit an all-time record high from 88.2% of GDP this time last year to 92.2% of GDP now.

MCD misses on Revenues and EPS and blames, "Economic uncertainty and Pressured Consumer Spending". Can you imagine a mother who feeds their children MCD telling them they can't afford a happy meal? I wouldn't want to be there for that.

The Chicago F_E_D came in at...
Released On 7/22/2013 8:30:00 AM For Jun, 2013

	Prior	Consensus	Consensus Range	Actual
Level	-0.30	0.03	-0.20  to 1.00	-0.13
3 Month Moving Average	-0.43			-0.26

I'll try to get in to the specifics later.

We have Existing Home Sales at 10 a.m.

Despite some chop overnight, ES was just about 2 points above Friday's close, but I suspect something is brewing for the open, this may also show some weakness that looks tp  be developing beyond the 1.2 and some 3 min positive charts, already.

 ES 1 min intraday is seeing some more positive 3C tone the last hour or so.

This is the 30-year Treasury futures 5 min, this is what I said last night looked as if it would help the market intraday today and still does, but...

unfortunately I don't have much history on these charts, but the breakdown of the 5 min even more in ES overnight looks like those longer market average charts, it still looks like some of those areas like XLF's range or DDD's $50 target will see some positive action early, whether early today, through half the day, or further I can't say, but as of now, there is a cap on the positive action at 3 and 5 min charts so as I said about HYG Friday and last night, the support is superficial, skin deep.

We'll know much more as opening trade burns off, it would be interesting to hear retail sentiment reports, I think the market needs them to be bullish.