Europe, US Futures Turn Down Slightly; Data, Bernanke Eyed

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Here’s a brief look at the pre-market action…

• Asian stocks followed Europe and the U.S. last night, registering gains of about +1.5%.

• Europe has weakened a bit, dancing around the flatline, after some high profile companies warned on forecasts going forward and no results yet on the Greek debt deal. The Euro is weaker. Reports of Merkel speaking with China on support for the European bailout fund, which does not strike us as particularly positive. Greek PM saying there are still some "sticking points" on the debt deal resolution.

• Earnings continue to pour in, with mixed results in the U.S., and no major bullish catalysts yet this morning. One of the bigger names coming out today is MA.

• All eyes on jobless claims at 830 am est and then Bernanke testimony at 1000 am est.

• U.S. futures have traded in a tight range and now slightly negative.

Good Trading!
David W. (aka The Underground Trader)

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