December E-mini S&Ps (ESZ14 +1.43%) this morning are up +1.30% and European stocks are up +1.53% as Italian and Spanish government bonds gained on the prospects of additional ECB stimulus.

December E-mini S&Ps (ESZ14 -0.05%) this morning are down -0.01% and European stocks are up +0.41%.

September E-mini S&Ps (ESU14 +0.09%) this morning are up +0.09% and European stocks are up +0.63% on optimism that today's U.S. Jun payrolls report will show employers added more than 200,000 jobs for a fifth month.

Flagstar Bancorp (FBC: ~$17.50/share) is in the Danger Zone this week. This Midwestern savings and mortgage bank has been consistently unprofitable since the financial crisis, yet accounting distortions allowed the company to report a sizeable profit last year.