Your MUST-READ Morning Stock Futures Cheat Sheet: Bulls getting nervous

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The Precise Take –  Worst over?

Big Picture Analysis – Headline risk out of Europe finally got the best of the risk markets, with the ES hitting 1342.50 overnight, just shy of the nominal MIDAS curve launched from the December 19, 2011 low.  As we write, the ES is up seventeen handles and is on the verge of filling the professional gap.  While more downside is in the cards for this week, given the strength of the rebound (so far), we should also be prepared for the possibility that the overnight probe marks an intermediate term low, not unlike the October 4, 2011 low.  If that’s the case, we would want to see strength continue after the open with a close at or near highs.  With no scheduled economic news today, expect European rumors to move the markets today as the elections are digested.

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