Pre-mkt update … EZ tail not wagging the dog this morning

Hmmm. German constitutional ruling is out of the way, and digested easily by the market, worst case scenario skirted. Stability in Europe this morning, equity markets up.

And the ES? Well, its up a little from the cash close, but there are plenty, PLENTY, of offers around. The ES has covered the ‘gap’ that the technicians have been talking about, & is just sitting around the 1177 level (1173-80 last few hours) ahead of the open (still 40 mins ’til the open). Given the positive news out of the EZ, and the positive reaction of the equity mkts there, the unresponsiveness of the ES seems instructive. Leaning to the short side this morning.

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