A.M. Update

Good Morning...

Overnight we saw chinese GDP data that was better than expected, but still bad and all kinds of talking heads interpreting it as meaning more stimulus from China when China has been very clear about their aversion to stimulus. Other than that and Coke blowing up its earnings via GUIDANCE, really the only thing that matters with earnings, the overnight was dominated by one thing saving Index Futures from this...

 ES/SPX futures from yesterday's close until 3 a.m. when Europe opened....

And replaced it with this....

On a Reuters rumor that the ECB will be buying Corporate bonds on the secondary market , which was rejected as pure rumor or fabrication out of Reuters by FT, that's where futures have stuck since the rumor was shot down.

At least this should make a decision about any fade trade a bit easier, but one foot in front of the other, lets see what the market looks like this morning....