Market is just holding up and ignoring every bit of negative news whether is Greece default news or US debt ceiling breach. Both the news had big impact in the past Greece default news in 2010 caused flash crash when market dropped 1000 point in one day while US debt ceiling hit brought market down by 15-20% within month. Today EU finance minister rejected Greece bond holder proposal and if the Greece bond holder now rejects Greece offer, Greece will default sooner then later. US hasn't raised its debt ceiling yet and President needs to use his veto power to raise the debt ceiling by 1.2 trillion dollar to 16.4 trillion dollar. Currently US debt is at 15.267 Trillion dollar, even with 1.2 trillion dollar raise, US will have 900 billion left which means inspite of Mr. President raising debt ceiling by 1.2 trillion dollar, US will use its credit limit by July 2012. So far Mr. President hasn't raised the debt ceiling and he hasn't used veto power. US will default on Jan 27th if the debt ceiling is not raised. US has already suspended its pension fund to avoid default.
Earning to focus tomorrow before opening market are MCD,VZ, SI, JNJ, COH
Earning after close are YHOO, TPX, AAPl, AMD, ALTR.
Earning before open on Jan 25th: XRX, LCC, ROK, DAL, BPOP
There is no important US news expect from Europe. ECB is conducting their fine tuning operation tomorrow, so the market is expected to open flat because after EU reject Greece bondholder proposal or else the market would had open much higher. After tomorrow close, it's perfect time to buy any bear stock till Jan 30th. Buy some puts in AAPL at the close
| 03:00 | EUR | French Manufacturing PMI | 49.3 | 48.9 | |||
| 03:00 | EUR | French Services PMI | 50.5 | 50.3 | |||
| 03:30 | EUR | German Services PMI | 52.6 | 52.4 | |||
| 03:30 | EUR | German Manufacturing PMI | 49.1 | 48.4 | |||
| 04:00 | EUR | Manufacturing PMI | 47.4 | 46.9 | |||
| 04:00 | EUR | Services PMI | 49.1 | 48.8 | |||
| 04:30 | GBP | Public Sector Net Borrowing | 12.5B | 15.2B | |||
| 05:00 | EUR | Industrial New Orders (MoM) | -2.2% | 1.8% | |||
| 05:30 | EUR | Spanish Trade Balance | -4.20B | -3.60B | |||
| 08:30 | CAD | Retail Sales (MoM) | 0.3% | 1.0% | |||
| 08:30 | CAD | Core Retail Sales (MoM) | 0.2% | 0.7% | |||
| 10:00 | USD | Richmond Manufacturing Index | 6 | 3 | |||
| 11:30 | USD | 4-Week Bill Auction | 0.015% | ||||
| 13:00 | USD | 2-Year Note Auction |
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