Pre-open eMini SP 500 Morning Report 6.9.10

This is a guest post from Precision Capital Management

The Precise Take – Equity futures up on Euro strength

Big Picture Analysis:  Yesterday’s selloff to test the February 5 and May 25 lows was met with strong buying, and another early afternoon selloff to the low 1040’s was followed by even stronger buying into the close.  The ES has traded up to 1067.50 as we write, but it will be important for it to avoid the late day selloffs for the remainder of the week that have killed previous rally attempts since the flash crash. 

Leaders Analysis:  The EuroYen and long term Treasury yields are up marginally overnight, with the US Dollar Index down.  Though not screamingly bullish, they should support more upside in equities today and possibly tomorrow.  It will be important to monitor the Dollar as it tests…

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