Tuesday, 2-21-12

Last Week:

  • Markets moved upward on the hopes a Greek deal was progressing. 
  • The “immanent” Greece deal got pushed off again.  European finance ministers were supposed to have a key announcement last Wednesday.  They postponed their decision.  More discussions this week. 
  • Moody’s rating service downgradedItalyandSpain.  Moody’s warned over 100 financial institutions worldwide that they could be downgraded depending on what happens with the European sovereign debt crisis.  There was no negative market reaction. 
  • President Obama’s submitted his 10-year budget plan last Monday.  The President projects that GDP will grow +4.3% in fiscal 2012 and +4.7% in fiscal 2012.  The non-partisan Congressional Budget Office (CBO) said that GDP would grow by +2.0% and +1.1% respectively in those same years.
  • Congress extended the payroll-tax through the end of the calendar year. 

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This Week:

  • U.S.markets are closed on Monday for President’s Day.
  • TheGreecewatch continues.  European finance ministers meet on Monday and Tuesday. 
  • Politics:  GOP presidential candidates debate inArizonaon Wednesday.
  • Earnings season continues to wind down.  Companies reporting:  Dell, Dollar Tree, Gap, Hewlett-Packard, Home Depot, J.C.Penney, Kohl’s, Kraft. Limited Brands, Medtronic, Target, and Wal-Mart.
  • Indicators this week:  January existing home sales (Wed); January new home sales, February final Michigansentiment (Fri).
  • OhioState(22-5) hosts Illinoison Tuesday, and hosts Wisconsinon Saturday.  Go Bucks! 

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Best,

Chris  

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