The Market On Tuesday

Good morning. It is 41 degrees and for the time being sunny here in Upstate NY. I woke up expecting to see it raining as the weather logos indicate, but surprise the sun is out and it's bright. I have to admit I am looking forward to the hot temperatures of summer. April is flying by, the tree leaves are about 70% there, we're ready for the heat.

At 8:15 a.m. futures are modestly higher, the dollar is down against major world currencies, and the price of oil is down per barrel. The market is poised to open slightly higher.

In addition to the busiest week with regards to first quarter corporate earnings reports, investors will also be parsing through data on home pricing and new home sales today. As we know the housing market is another major sector of the economy that is lagging in the alleged recovery.

Yesterday's dramatic fears of political unrest in Europe were slightly quelled today as both Holland and Spain went through the paces of bond sales without much fanfare.

Notice that the DOW continues to hover around 13,000. One suspects that the conditions on the ground do not merit its further rise or at least a significant rise, as investors seem satisfied in maintaining that number for the time being. 13,000 is a fluffy number.

CNN: Investors eye housing data

...S&P/Case-Shiller will report home prices for February before the opening bell. The U.S. Census will release new-home sales at 10 a.m. ET.


Some of the political worries in Europe cooled Tuesday...