The Market On Thursday

Good morning. It is 37 degrees and overcast here in Upstate NY. I hope residents of this area spent some time outdoors yesterday afternoon. On Wednesday we had our first serious glimpse of Spring with the temperature in the 50s. Everybody was outside in my neighborhood, lots of runners, bike riders, and walkers, plus we all shed about a dozen layers of clothing too. The moderate winter continues.

At 7:20 a.m. futures are flat, the dollar is mostly up against major world currencies, and oil is down in price per barrel. One might suspect that at this time the market is poised to open flat. At 8:30 a.m. investors will review the latest first time unemployment claims and that number could push the market up or down.

Investors are slightly less fearful of Greece's impending implosion as the news shows some movement is being made to work with that country's upcoming debt default.

Also Fed Chairman Bernanke will be speaking to a select Congressional committee. No doubt the economic trajectory of the country will be the topic. Investors are always highly reactive to pronouncements from Bernanke.

CNN: Stocks: Waiting on Greece, Bernanke and jobs

...Greek officials appeared to be making progress toward a debt-reduction agreement with private-sector creditors and a second bailout.


At 10 a.m. ET, Bernanke heads to Capitol Hill to testify about the Fed's economic outlook before the House Budget Committee.