Monday, 1-23-12

Last Week:

  • Once again,U.S.financial markets shrugged off the difficulties inEuropeand moved upward last week. 
  • President Obama rejected the Keystone Pipeline.  He sited the need for more environmental review.  A key issue has been how the pipeline would route throughNebraska.  ButNebraska, reportedly, already has several thousand miles of pipeline within their state.  Of note:  the Keystone Pipeline has been under review since 2008. 
  • Europewatch:  No deal yet on how to restructure the $14 billion euros Greek debt that will be due in March.  Separately, the IMF requested $600 billion in aid from theU.S.to help with the European debt situation.  Obama administration officials declined the request. 
  • Politics:  Newt Gingrich won theSouth Carolinaprimary.  It turns out Rick Santorum won theIowaprimary.  And Jon Huntsman and Rick Perry dropped out of the race for the Republican presidential nomination.  

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This Week:

  • Politics:  President Obama delivers the State of the Union address on Tuesday night.  Republicans debate in Florida Monday and Thursday nights.
  • European Union ministers decide Monday if they will impose an oil embargo on Iran.
  • The 5-day World Economic Forum begins on Wednesday in Devos, Switzerland. 
  • The advanced numbers on Q4 GDP come out on Friday morning.  The consensus estimate is +3.0%.
  • Earnings season continues.  Companies reporting:  Altria, Amgen, Apple, AT&T, Baxter, Boeing, Bristol Myers Squibb, Caterpillar, Chevron, ConocoPhillips, Corning, CSX, DuPont, Eaton, Ford, General Dynamics, Halliburton, Honeywell, Kimberly Clark, J&J, Lockheed Martin, McDonald’s, Norfolk Southern, Procter & Gamble, Sherwin Williams, Southern Co, St. Jude Medical, Texas Instruments, 3M, Time Warner, Timken, United Technologies, Verizon and Xerox.
  • Indicators this week:  December durable goods orders, December leading indicators, December new home sales (Thu);   Q4 GDP – advance #, January Michigan sentiment (Fri).
  • #6 ranked OhioState(17-3) should move up in the polls as #1 Syracuse, # 3 Baylor and #4 Duke all lost on Saturday.  The Buckeyes beat Nebraska79-45, and they are now tied for the lead in the Big Ten.  OhioStatehosts PennState(10-11) on Wednesday, and hosts #19 Michigan(15-5) on Sunday.  Go Bucks! 

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Best,

Chris

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