It's On.

The US financial markets are set to re-open today and futures are up. Among other things, it's the dollar taking a hit due to the potential drain on GDP that the rebuilding efforts could cause.

The US dollar has two strikes against it. First, as we know, it's a Federal Reserve Note, which means it's a claim, but really a claim on nothing. But I digress.

The second, bigger strike, is that the dollar looks like it wants to roll over and head below 78. This would be good news for bulls.

The S&P cash chart would look better with another low. The futures completed another low in the evening Globex session Monday. Above 1421.12 today could pressure 1434.42. There is a small gap there at 1433.81.

I'm not reading too much into the futures at this time because it's likely such a thin market. What I am expecting is volatility. Never under estimate the ability of larger players to use thin markets to their advantage when they want to position for the regular session. Gap it up to gap it down is an old trading aphorism and one to keep in mind.

Another thing to keep in mind is End Of Month window dressing as well a Year End for mutual funds. Everyone wants to look good today. The NYSE, funds, portfolio managers, regulators, everyone.

All that said, here's another reason why I'm keeping it light to the short side. Cue the Magazine Cover Indicator.