China had an extremely exuberant session overnight with CHINEXT (China's small cap/tech index) exploding almost 3.5% higher...But don't get too excited about CHINEXT...Ugly day in Europe with DAX leading the way lower even as Italy and Brexit anxiety is back in the headlines...European banks were ugly as Carige was bailed out... US equity futures extended Friday's late-bounce gains in the overnight session but started to fade quickly ahead of the cash open and extended those losses as AAPL, GS, and trade headlines sparked notable selling...With no bond market for the algos to pivot off, stocks dropped, stabilized ... (full story)