The Market On Tuesday

Good morning. It is 75 degrees, sunny, and humid here in Upstate NY. The rain that was supposed to have materialized over the extended weekend did not happen. Speaking of weekends, it came and went all too fast, now it's back to work. We were out earlier doing a brisk walk through the neighborhood. The secret with the new dog is finding the right object for her to carry as we walk. Without that object she can be a little unruly with barking and with a lot of sudden scavenging moves. The object changes in value and interest each day, one day she likes a stick, the next it's an old bone. It's a live and learn situation.

At 8:00 a.m. futures are significantly higher, the dollar is mostly up against major world currencies, and the price of oil is slightly down per barrel. Right now most stocks are poised to open higher.

Investors are happy to see that Greece is now embracing the austerity minded political party over the anti-austerity party. This is surprising to me and one wonders what mischief is occurring in Greece to make this change of heart occur. It's hard to imagine that the Greek people want to willingly give up any social spending that improves the quality of their lives. Regardless as far as I can tell this seems to be the big story right now. Markets are moving on eurozone hopes as opposed to failing on eurozone fears.

Later today data on housing prices and my favorite, consumer confidence, comes through the pipe. Are you confident - possibly - but are you consumer confident? How come there isn't an index for consumer contentment?

CNN: Stocks to get a boost on overseas hopes

...the New Democracy party, which favors the austerity plan central to the European bailout that has kept Greece in the eurozone, has moved back in front of the anti-austerity Syriza party.


...Greece's four major banks were able to recapitalize with help from a European bailout fund Monday.


...some Spanish banks were downgraded Friday.