Good morning and welcome to the weekend. It is presently 81 degrees, sunny, and humid here in Upstate NY. Everyone is talking about the weather. We are being warned that today will be the hottest day yet, hotter than yesterday where the felt temperature was 112 degrees F. I was out walking at 6 a.m. this morning and it was truly hot then too. Lots of people were out jogging, walking, and walking the dog trying to get their important personal work done before it gets way too hot to go outside. Our new cat Tra-la spent yesterday laying over the cool metal legs of an outdoor chair we have on the porch. She was miserable as far as I could tell. Its not the best time to be wrapped in a fur coat.
At 7:55 a.m. futures are modestly up, the dollar is mostly up, and oil is up closing in more and more on that $100 per barrel number.
Investors are pleased to hear that France and Germany are working out a deal to keep Greece floating. I have not read the details, but one must suspect that those details will royally screw the average citizen of Greece.
Investors seem to be paying some attention to Q2 reports which continue to be good. Heavyweights Verizon, Caterpillar, and McDonald's all report today.
We are not amused by the GOP calling the rich the "job creators." Let us point out the obvious - the "job creators" are rolling in dough and not doing much in the way of creating jobs. Contrary to popular GOP thought imperatives, there is no job trickle down occurring nor has it occurred in the last 2 years. And this non-job creation is happening in an environment where corporations are very flush with under-taxed money, just follow the Q2 reports.
CNN: Stocks set to rise as euro fears wane
U.S. stocks surged on Thursday, following news that European leaders reached an agreement to contain Greece's debt crisis.
There are no major economic reports on tap Friday.
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