The Market On Monday

Good morning. It is 63 degrees and lightly raining on and off here in Upstate NY. I hope you had a good weekend, I did. We spent a good deal of time working on this old house including lots of yard and garden work plus I am closing in on a section of the living room which desperately needs insulation. Hopefully the house will be ever so slightly warmer and less drafty next winter. Sorry I mentioned the evil word. Summer is officially here indeed. I am getting email from a friend out in Colorado where they are having all kinds of fires. This person is directly affected too - tough situation, to have to move to keep yourself and your family safe.

A 8:10 a.m. futures are significantly down, the dollar is mostly up against major world currencies, and the price of oil is down below $80 per barrel. The market is poised to open much lower, down it goes.

Investors are reeling from more bad news out of the eurozone. Spanish bonds are in very bad shape as that country needs a huge loan to cover its ailing economy. Notice that tiny Cypress is also about to join the list of European countries in need of a major bailout.

Today could be the day that the Supremes tell us what we already know, that Obama's health care reform is a thing of the past. One suspects the wagering is on which sections if any might remain after the slash.

CNN: Stocks: Europe's gloom to weigh on U.S.

...Spain formally requested aid for its banking sector from the Eurogroup on Monday.


Cyprus could soon become the latest, and smallest, member of the euro currency union to request a bailout from the European Union.


...the government will release figures for new home sales in May.