This morning is about the ECB’s 7:45am EST Minimum Bid Rate announcement and subsequent 8:30am EST ECB President Draghi’s press conference. Expectations are for the ECB to make no changes; subtle differences from the expectations could move this morning’s markets. The press conference will most likely overshadow this morning’s 8:30am EST Philly Fed and Unemployment Claims numbers and a slew of corporate earnings reports. Volatility continues to shrink as traders wait on something that will change their expectations. No clear Size bias this morning as institutional trading was almost non-existent overnight.