S&P futures just opened mildly positive in line with the recovery in EURUSD from its Sunday afternoon lows (having broken below 1.335). As we post, Gold has opened very noisily but remains a little higher than Friday's close at around 1642. It seems the apparent no news from Dexia (which is clearly terrible news) is yet to be considered by reality but as we noted on Friday, the fact that Treasuries are closed suggests reactions may be a little unexpected with no immediate safe haven to flood to. JPY crosses are slightly higher sustaining the very small bid under ES for now as it tracks a small range around 1157-8. Very early runs in credit land show a small compression in Main and further senior-sub decompression in financials. Oil also opened up small but more reflective of the small drop in DXY than anything else for now.