Intervention by the ECB in the Italian bond markets is being reported and that may not be a good thing. The Euro has actually dropped to the lows of the day on the report. The reason being that if the ECB comes in and doesn't create a market turn of substance, sellers will come in and drive yields even higher. Our stock futures are just a few ticks off the lows of the morning.

MLPS trading so far include Energy Transfer Partners (ETP) which is down another 75 cents and Plains All American (PAA) which is down 2 dollars on the equity offering.

Watch the 1.36 level on the euro because if that goes, it could get even uglier in a big hurry.