The Market On Friday

Good morning and welcome to the weekend. It is 71 degrees and sunny here in Upstate NY. The good sleeping weather is over, we are back to hot and humid. This is stay in the water and float weather. We were surprised to see yesterday's approval of Obamacare. Looking back we see that a certain echelon of experts and scholars had it pegged from the start. Remarkably it all hinged on Roberts. Could it be that the Federalist Society connected judge is not 100% partisan? Scalia and Thomas he is not, but further amplification is in order. Let's read about him.

At 8:30 a.m. futures are significantly higher, the dollar is mostly down against major world currencies, and the price of oil is up. The market is poised to open higher.

Investors are cheering a plan to recapitalize failing E.U. banks, the plan comes out of the E.U. summit which began on Thursday. If recent history is anything to draw conclusions from, this action may prove to be only another quick fix band-aid. The market is conditioned and structurally designed to react to these short term fix activities that appear in rapid succession. It's like a monster that can only see the very next little clump of food one foot ahead in its path and that is its only sense of vision - sounds like a pig really.

CNN: Stocks: Investors cheer EU deal

Early Friday, EU leaders struck a "breakthrough" deal to ease the recapitalization of struggling banks, which should help draw the eurozone back from the brink of its debt crisis.


The deal includes a European banking union with capital injections that will go straight into banks.


...in the U.S., reports are due Friday on manufacturing, personal income and spending, and consumer sentiment.