Forget POMO, today's market is all about FOMO - fear of missing out - when Ukraine is 'fixed' and new newer-er highs are achieved. All it took this morning to lift S&P futures 8 points was a headline that:

• PUTIN, OSCE HEAD BURKHALTER TO DISCUSS UKRAINE CRISIS

USDJPY responded instantly, as did bond yields (higher) and gold (lower) as it's clear that everything will be fixed now. Of course, the Geneva "de-escalation" lasted 1 days; this latest "diplomacy" should last hours if not minutes, but for now the high freaks are delighted and upward momentum has been restored.

Of course, Yellen is also speaking this morning so there's enough rumor-mongering there alone to provide support in the pre-market illiquidty also.