Spain and Greece have re-emerged in the E.U. theme park called Euroland. And you thought Disneyland was for those that liked fantasy. The fun is never-ending. Spain continues to deny that it will ask for more aid in public while many signs point to its eventual capitulation to harsh economic realities sooner rather than later. Bond vigilantes are certainly going to be taking a hard look at Spain in the coming days. Growth numbers from Spain continue to go in the wrong direction and regional debt is spurring serious disunity. Greece in the meantime is starting to see its coalition government wither once again. The price of admission into Euroland may become a mere half trillion more EUR eventually. And almost everyone in line is going to expect Germany to pay the bill.
Real test for the S&P comes now. Can it withstand these support levels or will we see 1400 and lower?
Crude Oil back to logical supply and demand ratio. Gold looking at 1700.00 levels pscyhologically………it went lower in the spring.
DuPont earlier today said job cuts were coming, now Dow Chemical is considering them.
Fed will issue their FOMC Statement tomorrow, needless to say the last one before the Presidential election. Also on the schedule tomorrow are PMI Services and Manufacturing numbers from France and Germany, while the States sees the Manufacturing PMI report. Quarterly earnings from the corporate front continue to dampen the mood with lackluster outlooks.