Pre-Market

The new week, thus far has started off with a new tone and that is the absence of some currency cross (former carry trade) driven, overnight futures ramp; there wasn't a former carry cross that could have pulled it off any way with the Yen stronger overnight, although it looks like it may be losing steam.

3C confirming the Yen's strength most of last night and going negative at the top, this prevented any currency (yen based) crosses from lifting the market overnight, something they had trouble maintaining for more than a day last week.

This week is fairly light on economic data, we do have US Service (Non-manufacturing( ISM at 10 a.m.) , but that's about it except the bevy of F_E_D speakers over the next three days which should make for volatility, I seem to remember the last time they were out in force there was a coordinated, ambiguous message, if that sounds like an Oxy-Moron, it's because the F_E_D is less transparent than they claim and acting more and more like Greenspan and his "Greenspeak".

China's Services PMI came in a bit better than consensus, like the July Composite European PMI was just slightly better than consensus, the overall European trend over the last 4 months has been pretty good and this was a pretty solid print over June's.

Other than that, China is reconsidering its 1-child law, you can imagine why as the growth engine starts to run out of growth and they bailed out, NOT their housing sector BUBBLE, but the Chinese Shipping business and have announced plans to subsidize Ship-builders through 2015 as they see this as a "Too Big to Fail" bubble that they needed to address.

Other than that, thus far quiet, here's ES overnight....

Coming off Friday's 4 pm $1705 closing highs, ES actually lost nearly 4 points overnight.

Crude has been drifting lower and looks as if it will be a little choppy soon, gold has been largely lateral and looks as if it will make an upside run soon.

We'll see what the 10 a.m. ISM print brings as this is a very light eco-data week so reactions should be fairly strong to the few data points we do have as well as F_E_D speakers, the first of which will be the Dallas F_E_D's Fisher speaking in Oregon at 11:45 on the ECONOMY!