Wow - what a color! Something we haven't seen in a while.

Asia was almost uniformly down, with the outliers being Shanghi and New Zealand. Of course Shanghi has been closed for the last week, so I guess they can be forgiven.

Europe has color in it as well.

The Dow looks to open down 40 or so, with the S&P off about 4.

It will be interesting to see what the follow-through looks like.

We're basically through earnings now, with one significant outlier - Cisco - reporting this evening. Hewlett-Packard (HPQ) has updated guidance and apparently likes their 2nd quarter thus far.....

One note - Adidas posted an 11% profit drop. They're a global company, and its tough to parse whether this is all supplier cost (e.g. currency) related, or whether there is a slowdown story in there somewhere.

Oh, McDonalds' posted an increase in April same-store sales. Of course McDonalds' could be seen as a contrary indicator - when you can't afford steak.....

Is the underlying bid evaporating? We shall see.......

Oh, the IMB Calls I noted last night? They didn't "stick". Looks like someone was playing a dividend game. Cute (and profitable), if it works out for you. Not so cute if it goes wrong on you - and it can.

Looks like the VIX calls did not "stick" either.

So we have two potential indicators from last night that are now in the "disregard" column.....

Have a profitable day!