This makes the 4th consecutive overnight session in which futures were ramped after the regular hours close, this time ES was sent roughly 16 points higher, but by the time Europe opened and the Greek market fell apart, ES lost all and then some...
The Asian markets fared much better with Shanghai up +.60%, Hang Seng +.40 and the Nikkei +.92, but at last look the DAX was down 2.16%, the FTSE 100 -1.68$ and the CAC-40 -2.10% after a batch of bad US earnings and economic data came in starting with BAC taking a $5.3bn dollar 1-time non-recurring legal charge sending EPS to -.01, however if the legal charges were added back the EPS would have come in on a non-GAAP basis at a profit of +.42, this is the same thing JPPM did yesterday in their EPS miss.
Oil continues to take a beating with the EIA forecast seeing the slowest consumption growth since 2009.
The Empire F_E_D went bi-polar in a month with the former month posting a 5 year high and the current posting a 6 month low, missing by the moist since June 2010; New Orders collapsed, the work week fell, but the employment sub-index rose.
And Retail Sales came in ugly with a headline miss of .3% vs consensus of -.1 and a previous in August of +.6%.
Rounding things out where the second case of Ebola in Dallas.
So far on the open, intraday Index futures have a slight positive divegrence and look as if they may have found some early footing, but we'll have to see if the decline is accumulated, which we should see in the next 30 minutes or so.
On a side note, NANEX, the collector of all things market data posted last night that there was a surge in cancelled quotes yesterday, noting previously when this has happened it has led to a sharp V-shape upside move,
Here's the chart some are calling the F_E_D's hidden buy signal...
I'll stick with our data, but NANEX has found some very interesting things combing through HFT data in the past...
Opening Indications coming shortly.
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