Amazing!  Nothing….NOTHING seems to spook this market. I was looking for a 30-point gap-down opening in the E-Mini S&P Sunday night, but the Sleazeballs who control it needed only an 11-point discount from Friday’s settlement to put out what they must have felt was a larcenous bid. Granted, it has taken a further markdown of 11 points to carve out a tentative low at 1531.00, but even at that price the Dow would open only 180 points lower on Monday.

It feels to me like DaSleazeballs view the ostensibly scary news from Cyprus as a shakedown opportunity.  Or perhaps index futures are down only modestly because the only players left in the game are other shakedown artists? In any case, the selloff so far is bearishly impulsive on all charts up to and including the daily, but we won’t know if there is real fear behind it until we’ve seen an upward correction and downside follow-through attempt.  If it turns higher from the C-D midpoint (see inset), however, that will be good evidence that DaBoyz are capable of taking the news from Cyprus easily in stride.  ______ UPDATE (10:29 a.m. EDT):  The analysis above got it precisely right, since the futures have been moving relentlessly higher since 2 a.m., recouping about 70% of their losses following an overnight low of 1529.50. It seems a foregone conclusion at this point that any follow-through selling will be reversed from p or higher.  A further possibility is that there will be no c-d downleg, only a rally from last night’s criminally engineered low that keeps on going…and going…and going.