The Market On Friday

Good morning. It is 65 degrees and overcast here in Upstate. The rain pattern continues and hopefully we get a break over the holiday weekend. The new dog is learning how to become a decent jogger, she is now doing 2.5 mile jogs through the neighborhood. She's a unique being, when she gets a nice looking stick to carry she becomes the model dog. Before the stick, she is a terror on wheels with lots of peer learned barking and that needs some work.

At 8:10 a.m. futures are flat, the dollar is mostly down against world currencies, and the price of oil is up per barrel. The market is poised to open flat to slightly higher but based on this week's major turnarounds, the possibilities are wide and many.

It's really the same old story - it's all about major concerns over the eurozone debt crisis including what will happen to world markets when Greece leaves the eurozone. There is an idea out there to float a German backed Euro bond, but right now it's purely an idea.

One thing that caught my attention in today's article is the fact that equities in the S&P are well priced. It is suggested that investors might therefor find this to be an attractive time to buy.

CNN: Stocks set to open mixed; Europe in focus

...Germany can be persuaded to back so-called eurobonds, which could be a solution to the ongoing sovereign debt crisis in Europe.


...the Spanish banking crisis was worsening behind the scenes.


Concerns about the European debt crisis and whether a Greek exit from the euro would spark a meltdown in financial markets around the world, as well as a global recession, have weighed on U.S. markets in recent weeks.


...the S&P 500 is trading at an attractive valuation -- below 13 times earnings estimates.