A.M. Update

Good morning.

If you've been nwaching futures since the open for the new week, you probably have seen the dominant theme has been the $USD dipping on profit taking as the charts have been suggesting for well over a good week now. This has led to some strength in commodities, Nat. gas gapped higher only to fill in most of the gap, but after last week's run, I suspect that's not too strange of an event to occur...

 $USDX profit taking at the start of the new week overnight...

 Natural Gas gap up and pullback to retrace most of the gap...

As for equities, it has been a pretty dull session. There has been more bad macro economic news out of the Eurozone with Greek CPI coming in at -1.7 vs. 0.9% consensus, showing deflation setting in along with Industrial Production also missing at -5.56 vs consensus of -3.8% which spells "Stag-flation".

Italy's Industrial Production also missed at -0.9% vs consensus of -0.2%

Otherwise it's a slow start for US Macro data today although the F_E_D's Rosengren is due to speak today.

Equity Index futures are all over the place, in early timeframes, but net-net, I'd say neutral (just before the opening bell)

Es/SPX futures are about flat after a couple of divergences in overnight trade.

 TF/Russell 2000 futures look weaker than the others this morning.

NQ NASDAQ 100 Futures look a bit stronger than the others this morning.

As I said, net-net, FLAT.

There's a little more negative bias as the opening bell has wrung. LArger picture from the Week Ahead Friday, I expect we see some significant , volatile downside this week and likely the earlier part of the week.