Will Greece default ? Euro Crisis Important dates to remember: TVIX, VXX, FAZ, AGQ

Euro to hit 1.27

Till now stock was rallying up on false hope and all of a sudden today, the stock market realized that Europe crisis isn't over. Dow broke the key resistance of 12285, and S&P 500 broke the key resistance of 1265. Now the next level to watch in Dow is 12103, followed by 12000, while in S&P key level is 1244, followed by 1229 for the downside.

Tomorrow Greece needs to make payment of 5.23 Billion. Can it make it or will it default ? Also, Italian 3 and 10 year auction is very critical at 2 am EST.  If  3 year goes well, 10 year will be weak and vice versa. Italian 10 year bond yield is at 7, which is already at danger level.

There are lots of economic data coming out from US and Europe.

Jobless Claims (8:30 AM ET): 370k is expected, higher is bearish, lower is bullish

Chicago PMI (9:45 AM ET):  60.7 is expected, higher is bullish, lower or 60.7 is bearish

Pending Home Sales Index (10:00 AM ET): 1.8% is expected, any number will be bearish unless above 10%

EIA Natural Gas Report (10:30 AM ET): high inventory is bearish, negative inventory is bullish

EIA Petroleum Status Report (11:00 AM ET): high inventory is bearish, negative inventory is bullish

Germany CPI is expected 0 or higher is bullish sign, negative is bearish.

Overall I am still bearish till S&P downgrades Europe in Jan 2012.


Stocks likely to open low are MOH, 
Stocks likely to open high are  MIPS, FSIN (More updates 9 am EST)

The other important dates to remember are :

--Friday, Dec. 30: EUR715 million of Greek debt falls due. Presentation of emergency Spanish budget measures. 

--Monday, Jan. 2: Euro-zone December manufacturing PMI. 

--Wednesday, Jan. 4: Euro-zone December services PMI. ECB 84-day and seven-day dollar operations. 

--Thursday, Jan. 5: French bond auction. 

--Friday, Jan. 6: Spanish government deadline for unions and business leaders to agree on labor market reforms. 

--Wednesday, Jan. 11 and Thursday Jan. 12: European Commission visits Danish presidency in Copenhagen. ECB seven-day dollar operation. 

--Thursday, Jan. 12: ECB interest rate statement and press conference. Spanish and Italian bond auctions. 

--Friday, Jan. 13: Italian bond auction 

--Monday, Jan. 16 : Troika of international inspectors expected to return to Greece to resume talks on new bailout deal. 

--Tuesday, Jan. 17: Spanish T-bill auction. 

--Wednesday, Jan. 18: ECB seven-day dollar operation. 

--Thursday, Jan. 19: Spanish and French bond auction. 

--Friday, Jan. 20: Troika talks in Greece expected to end. 

--Monday, Jan. 23: Euro-zone January flash PMI. Euro-zone finance ministers meeting. 

--Tuesday, Jan. 24: European Union finance ministers meeting. Spanish T-bill auction. 

--Wednesday, Jan. 25: Preliminary data on Spain's government annual budget deficit expected around this time. German January Ifo business climate index. ECB seven-day dollar operation. ECB of three-month long-term refinancing operation. 

--Thursday, Jan. 26: Italian bond auction. 

--Friday, Jan. 27: Italian T-bill auction. 

--Monday, Jan. 30: Italian and Belgian bond auctions. EU leaders summit. 

--Tuesday, Jan. 31: Ireland's troika of lenders releases its latest quarterly review of the country's bailout. Greece aims to conclude talks detailing new EUR130 billion loan deal, debt exchange program with private sector creditors by this date.