The Market On Monday

Good morning. It is 40 degrees and sunny here in Upstate NY. The past few mornings have been especially chilly with frost in the air and cold plants everywhere. I hope you had a good weekend and were able to decompress from the previous week. We are back at the starting line. I just got back from the chiropractor, and so I am well 'adjusted' and he says I am neurologically ready for the week. We shall see about that.

At 8:25 a.m. futures are slightly down, the dollar is mostly up against major world currencies, and the price of oil is down. If I'm guessing, and I am guessing, I would think the market opens lower.

It has just been revealed that Spain is now technically into another recession with back to back quarters of negative GDP growth or rather shrinkage. Needless to say investors are freaked. Spain joins the U.K. in this new recession. It is the proverbial double dip and it blows.

Essentially U.S. corporate first quarter results have been tantalizing delicious and so in spite of the Eurozone crisis which more than likely will see more nations back in recession, the markets remain fluffy and buoyant.

CNN: Spain to weigh on U.S. stocks

On Monday, Spain's government said its economy declined for the second striaght quarter, revealing the nation is in recession.


S&P downgraded 16 Spanish banks...


A government report on personal income and spending in March is on tap at 8:30 a.m.


A regional manufacturing report, the Chicago Purchasing Managers' Index, is due out at 9:45 a.m.