PRE MARKET LOOK

Equity futures are trading near the unchanged line before the open as FINREG gets resolved and GDP for the first Q comes in at 2.7% v a 3% estimate.

Equity indexes are oversold in light of all the recent bad news and are probably due for some type of bounce back rally today-

The 1040/1050 area is still the key area that needs to hold before one concludes that the jig is up.

The Greeks- looking to sell the country so they can stay solvent;

If you need a mortgage this could be the time to refinance- ;

Bespoke checking the recent holdings of a former superstar;

And the NDX is quite the index;

NOON SWOON

Equities gapped up this morning and now look to be filling the gap with the NDX turning red and the SPX up about 2 points as I type-

Market internals were opened at the highs with about 100/100 green on the NDX and over 90% green on the SPX - Now less than 50% green on the NDX and about 3/2 green on the SPX - NYSE internals at 640 net green;

Gold getting crushed and down about $23 at $1,235;

Ten year at 3.241% and up on the day;

RSI 2 levels near 95 on most major indexes with the DJIA over stretched the most.

VIX stretched to the downside and about 13% under the SMA 10;

Looking for another bounce before the day ends - but that SMA 50 on the SPX - looks a little difficult to get past in the short term - 1140 area.

NEW MORNING

Equities are poised to move higher this morning as futures ripped to the north on the heels of China supposedly letting their currency move higher.

ES futs are off their best levels 1124 v a high of 1129.5.

I suspect the dip here gets bought and a move to the HOD probably gets sold again.

Equities are way overbought in the short term with major index futures trading with RSI numbers near 100.

Gold and silver futs also trading overbought with RSI 2 levels near 95.-

Meredith Whitney - who probably lost clients a ton of money over the last 12 months on CNBC this morning of course see a double dip;

BESPOKE on Gold V Dollar;

BP with some new worst case numbers ;

WSJ with their take on seafood prices -

And of course- Lady GaGa in the Bronx;