Ahead of the open, (05-01)
Thursday, January 5, 2012 at 09:12AM The Eurozone fear mongers were out in full force citing everything and anything to get the upper hand today. To name a few of many Euro’ concerns: fear over Hungary (debt default?), Spain seeking IMF loans speculation, Greece warning of default if no deal in March, ECB overnight deposits to new highs. As hard as they tried (to SP1267), it wasn’t enough to knock a market fueled by eco’ data for too long! Market is about the QE (LTRO etc.) going on in Europe, not these daily ‘peripheral’ stories.
We need to remain cognizant of the Eurozone headlines, but it shouldn’t be the deal breaker in making a trading decision, right now.
Right now, the market is forward looking/positively to NFP# on Friday as demonstrated by closing flat on the day. A ‘2’ handle (+200k)?.
Financials & Materials/commodities held up well, adding to the positive bias- sentiment here.
