The Market On Thursday

Good morning. It is 69 degrees and sunny here in Upstate NY. It's another gorgeous day, we are in paradise. At some point later on, The Supremes will more than likely overturn "Obamacare." This is what we are waiting for. I was surprised to see Robert Reich predict that it does not get overturned. The thing of it is, Reich is often correct. I think Obamacare gets overturned - the Supremes are no longer a non partisan entity, they are a political machine of great power. On the other hand, do we really want to have a government mandate that makes us buy health insurance from a corporate entity? Yeah, that's going to go.

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

In a few minutes numbers on first time unemployment claims and the final estimate of the first quarter GDP come through. As always, if these numbers are superior, investors might forget about the utter horror of the doomed eurozone financial summit in favor of a luke warm American economy. That would be the very optimistic prediction.

CNN: Stocks: Eyes on Europe, economy

Spain has been of particular concern, with its stratospheric borrowing costs threatening to drive it from private markets.


Italy may be in similar trouble.


"Expectations are pretty close to zero of anything meaningful coming from (Thursday's eurozone financial crisis summit)..."