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Monday, May 21, 2012

The Market On Monday

Good morning. It is 58 degrees and mostly sunny here in Upstate NY. I hope you had an excellent weekend, now it's back to Monday morning. I am rushing because it's back out to see the chiropractor for one of two adjustments this week. My biggest enemy regarding my posture - sitting in front of the computer. Good posture is imperative, it helps everything, mind and body.

At 7:35 a.m. futures are modestly higher, the dollar is mixed against major world currencies, and the price of oil is down per barrel. If I'm guessing and I am, the market is poised to open mixed with half up and half down. When the price of oil is down, energy stocks often go down as well and when they do, they drag lots of other stocks with them.

Essentially investors are hinging this morning's boost on a hope and a prayer. The '8' met over the weekend to shore up confidence in a strong eurozone. Well that's just fine but the proof is in the pudding. That economic mess has a ways to play out. Although futures are up, I have no confidence the market will close higher. We are into some turbulence.

CNN: Stocks set to rebound
Over the weekend the Group of eight nations met and reaffirmed their commitment to keeping Greece in the eurozone. And two opinion polls released in Greece reportedly put the pro-bailout party ahead of the anti-austerity Syriza party.


No major economic reports are expected in the U.S. on Monday.


Oil for June delivery fell $1.57 to $91.82 a barrel.

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