A.M. Update

Other than a historic gas deal signed between Russia and China, it was mostly about Central banks last night. The Bank of Japan met and decided that they'd let the market know that they not only are fine with where they are in the QE process, but also that there "may" not be any more coming.

Then the Bank of England's minutes show the BOE feels the economy has recovered and is concerned for the massive housing bubble and talked about more rate hikes sooner than later.

The BOJ sent the Yen flying around 2:30 a.m. which sent the USD/JPY tumbling below support before a massive sell program seemed to hit the Yen, I'd guess the BOJ, turning the USD/JPY around and back up through all kinds of broken support levels, obviously having some effect on Index futures.

 5 min USD/JPY shows the initial 2:30 a.m.-ish break of support and then recovery.

 This is what the 3C chart looks like, it was negative in to the BOJ policy announcement, positive in to the lows and is going negative again on the rebound.

The Yen was initially sent much higher and then sold off sending the USD/JPY to a floor and then back up.

The $USD gained strength against the Euro also helping send the USD/JPY higher which all in all gives us a gap up.

TREASURY futures sold off overnight as well, also giving some support to Index futures, so we open with the gap up, we'll see how long that lasts as the 2 p.m. hour brings the release of the F_E_D minutes, there's not much else as far as tier 1 data for the US today.