The Market On Wednesday

Good morning. It is 40 degrees and sunny here in Upstate NY. We are expecting the temperature to go into the 50s later on. The amazingly mild Winter of 2012 continues on its mild course. Out walking the dog earlier I couldn't help but notice the sound of the Spring birds. Its the sound of Spring. Hey, a cold snap could still happen.

At 8:20 a.m. futures are flat, the dollar is mostly up against world currencies, and the price of oil is down. The market is poised to open flat to down this morning.

Its the same story. In spite of a loan to Greece to pay off a March bond deadline, Greece is on major shaky ground. It just got downgraded two notched to just slightly better than junk status. Been there, done that...

That country's default seems like a sure and inevitable thing. Could it be that in the investment world its better to default later rather than sooner? Or it could be about buying time in the hope that something will come along to ameliorate the problem. Who knows. Get braced, Greece is going down further.

CNN: Investors sidelined by Greece worries

...analysts caution that Greece will eventually need more support for its long-term debt.


Greece's fate also depends on whether private sector investors agree to debt reduction agreement terms, which include a write down of 53% on the face value of Greek government bonds -- steeper than the previous 50% reduction agreed to in October.


...the National Association of Realtors releases existing-home sales for January...