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

Dave Lutz, head of Exchange Traded Funds at JonesTrading, has a brief overview of what traders are talking about before the US market open on Tuesday.

In brief:

• The pound crashed to a 31-year low against the dollar as more details of the UK's strategy to leave the European Union emerge. Cable, the nickname for the pound/dollar pair, fell below the level it slid to after the referendum in June.
• Global markets are giving up early gains, and US stock futures are well off the highs reached overnight.
• Crude oil is down by less than 1% to $48.42 per barrel ahead of weekly data on inventories.

Here's Lutz:

Good Morning! US Futures are holding green, but well off overnight highs as the Dollar continues to rally sharply. Over in Europe, Markets are surrendering a strong early session, which saw a broad-based advance led by the Banks as Deutsche hits a two-week high - Helping the DAX climb 50bp as Frankfurt reopens from holiday. The materials sector is holding strong gains tho, offsetting a whack in EU Airlines on RyanAir headers. The FTSE ripping 1.5% higher as the Pound collapses. London back through 7,000 at a 17month high led by Banks and Miners. Upbeat overnight in Asia, with Japan up almost 1% as the Yen dropped, led by a near 2% jump in the banks - Aussie was flat as the big 4 banks were under pressure, and Utilities lost 1% - Hang Seng up 50bp, while China was closed for "Golden Week" - India closes up small despite their new Central Bank Governor cutting rates.

Decent bid to Treasuries and Bunds this AM, following some strength in JGBs overnight. All the macro focus is on Pound Sterling, which is seeing 31Y lows against the Dollar as more details on the Brexit strategy emerge. This angst seems to be weighing on Euro as well, propelling the Swiss Franc near 1M highs. Coupled with the Yen getting hit on some overnight data - we have the DXY squeezing thru 200dma, causing a headwind for commodities. Metals are all weaker, but notably Gold is outperforming - hovering around unchanged. Oil Complex is weaker as Brent beaten away from $50 and WTI down 1% ahead of API inventories tonight. Gasoline seems to be outperforming tho, perhaps reflecting some angst about Hurricane Matthew's track.

Volumes should be muted again, as Rosh Hashanah continues ahead of the Jobs Report on Friday. At 8:05, we get our 1st of 2 Fed Speakers - Fed's Lacker (Non-Voter, Hawk) speaks - at 9:45 we get the ISM New York, just ahead of the Bank of England Bond-Buying Operation Results at 9:50. We get API Inventories tonight at 4:30 (Street at 1.75M overall build, with Gasoline stockpiles adding 550k) - Fed's Evans (Non Voter, Dove) speaks at 7:50 - and the VP Debate is at 9pm tonight. We also have the Grant's Conference in NY: Seth Klarman, Jeffrey Gundlach, Julian Robertson among others speaking.