Weak earnings over the last few days, notable weakness in Canadian GDP this morning and two dismal prints for Chicago PMI (early) and NAPM-Milwaukee all dragged on S&P 500 futures into the open. From strong overnight gains, ES was exactly at Friday's highs when the day-session opened. AAPL immediately dropped further from pre-open - down more than 2.5% at $586 (<200DMA) - note average trade size so far this morning is extremely high for AAPL. Insurers are being hit hard with TRV down 1.9%, CB down 0.9%, ALL down 0.7%, and AIG down 1.2%. Some of the most stunning moves are in: UBS +14% (they should fire more people we guess), bankrupt A123 +13%, and Western Union -25% (miss).
S&P 500 futures...
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AAPL...
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and so much for Canada...
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Sectors are mixed - Materials best (rebuilding?) and Discretionary worst...
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Charts: Bloomberg