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Minyanville's T3 Morning Market Call: Markets Trusting European Leaders to Make a Deal


US stock futures are flat on Monday morning as investors continue to wait on an aid resolution from European leaders.

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US stock futures are flat on Monday morning as investors continue to wait on an aid resolution from European leaders. At Sunday's summit in Brussels, European leaders expressed optimism that they could find common ground, but acknowledged that there are differing opinions and still work to do. As they departed the summit, leaders pledged to draft a far-reaching plan in time for another summit that will come on Wednesday.

Urgency is growing in Europe to come to an agreement, but so far investors do not seem worried. The market has traded back and forth over the past few weeks on each Europe rumor, and further suggestions that compromise can not be made would likely begin to weigh the longer the process drags on. Some analysts think it could be a "buy the rumor, sell the news"-type event, especially if the European plan does not go far enough to put the matter to bed.

Earnings season also rumbles on, and we have a slew of interesting reports due out this week. Dow component Caterpillar (CAT) is up 5.5% in the pre-market after handily topping analysts estimates. Netflix (NFLX), which confirmed Monday that it would launch in Britain and Ireland in early 2012, is due to report after the close.

The stock has been decimated after reporting a greater than expected loss in subscribership after price hikes earlier this year. Will the cancelations dramatically affect the bottom line, or is an earnings miss priced in? NFLX surged into the close Friday and is up in the pre-market, so it looks like we may see a little run into the report.

Tomorrow after the close we have (AMZN), which has the opportunity to emerge as a clear market leader. Big cap tech has weakened and other sectors have led the latest push in the market, but AMZN has a chance to change that. The company is expanding into new businesses, and can wrestle market leadership away from the fading Apple (AAPL).

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Scott Redler is long SPY, XLF, QQQ
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