Here's a super-quick guide to what traders are talking about right now

Traders stand outside the New York Stock Exchange prior to the opening bell October 31, 2012. . REUTERS/Brendan McDermid Thomson Reuters

Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.

Here's Lutz:

Morning! US Futures are adding to S&P’s record close, with DJIA up 30bp on More Aerospace/Defense M&A, while QQQs lag due to Divvy payout. European markets are all higher, with the DAX adding 40bp as the Fins are up nearly 1% - but the Airlines weaker on Ryanair cut. The FTSE is lagging slightly, but seeing a rebound as Sterling stops ripping higher with every sector but Staples moving higher. Volumes are still in Holiday mode, with Germany’s turnover 40% below 20d averages. Strong overnight in Asia - Hang Seng leaps 1.3% led by Chinese Property stocks - Shanghai up 30bp on brokerage shares - KOSPI adds 1.3% as Samsung leaps 4% - Aussie up 45bp as Banks jumped, and Japan was closed for Holiday

Ahead of the Fed Weds, Fed Funds rest at a 47% chance of a December hike, but all eyes are on details of the Balance Sheet winddown. 10YY getting upside 2.2% as Bunds get sold – while eyes are Portugal’s 10YY collapsing as they get a upgrade from S&P. DXY is off small as the Pound drifts under $1.36 - Euro up small, and the Commodity Currencies like A$ and C$ are all lurching higher. Ore lost 3% before recovering to unch overnight, and Copper is seeing a rebound from last week’s weakness, adding nearly 1%, while a haven retreat sees Gold and Silver under pressure. WTI holding 5month peaks as producers eyeball Maria’s track, while Natty Gas is jumping 2% as NOAA predicts warmer than usual temperatures across the Eastern USA

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