The Market On Tuesday

Good morning. It is 37 degrees and overcast here in Upstate NY. The logo has sunshine for Tuesday but not right now. The big talk in the dry sauna at the Y is the Giants and the weather. Everyone is parsing the game for details on a conspiracy. But the weather, everybody is delighted that we are getting away with a very moderate winter so far. I'm not really missing the snow, but I do expect to see at least one massive snow storm come through. We had a huge storm in these parts on Valentine's Day a few years back. It was a day of reckoning.

At 8:20 a.m. futures are ever so slightly down, the dollar is up against all major world currencies, and oil is down in price per barrel. The market is poised to open lower.

Investors will be attentive to any signs that the Greek government is ready to impose harsh austerity measures and similar changes in order to receive a massive loan. The loan will prevent Greece from defaulting on a bond redemption period in March.

Fed Chair Bernanke will be testifying before the Senate Budget Committee on the future state of the US economy. Recall that whenever Bernanke speaks investors completely tune in and the market's direction follows along.

CNN: Stocks on hold for Greece, Bernanke

The (Greek) government is negotiating reforms needed for Greece to receive a second bailout of €130 billion from the European Union, International Monetary Fund and European Central Bank.


Federal Reserve Chairman Ben Bernanke will be testifying before the U.S. Senate's budget committee at 10 a.m. ET, when he will discuss the economic outlook and the federal budget.