The Morning Morsel- Portugal Gets a Downgrade

Futures flipped on a Fitch downgrade of Portugal, UBS is also out this morning stating that Greece will default at some point no matter what. As a result, the Euro is at a 10 month low against the dollar this morning. We could be looking a string of sovereign downgrades going forward.

Oil is lower and metals and commodities are generally lower this morning.

Home prices show a double dip in 11 cities according to Zillow, however XHB trades like a momo stock.

JPM may get a $1.4 billion tax refund due to a little noticed clause in the economic stimulus bill. I need their accountant.

Have a great day.

Tuesday, March 23, 2010

08:30 Canada Feb Leading Indicators
10:00 March Richmond Fed Manufacturing, Feb Existing Home Sales, Jan House Price Index
13:00 Treasury’s $44B 2-yr note auction
15:00 Argentina Feb Trade Balance
16:30 API Crude Oil/Gasoline/Distillate Inventories
06:00 Fed’s Plosser to speak on policy issues in Prague. 15:35 Fed’s Yellen to speak on US economy. 08:00 FDA Orthopaedic and Rehabilitation Devices Panel Meeting. Barclays Capital Global Healthcare Conference. 07:45 ICSC/UBSW Chain Store Sales. 08:55 Redbook Retail Sales. ABC Consumer Confidence. Trades Ex-dividend: PM $0.58, SWY $0.10, XEL $0.245.
Before the Open: CCL, KBH, SCS. After the Close: ADBE, DRI, JBL, PRGS, SONC.

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