Your MUST-READ Morning Stock Futures Cheat Sheet: Markets jittery ahead of Euro Summit

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The Precise Take – Markets jittery ahead of Euro Summit

Big Picture AnalysisYesterday, we were looking for some potential sideways to down action but mentioned long term prospects had improved.  The markets have been a bit more susceptible to headline risk over the last 24 hours than we would have liked, though, and today looks like it will be driven by the Euro Summit in Belgium.  The critical meeting with the financial ministers had been cancelled a few days ago, all but guaranteeing there would not be resolution today, which is why we had not discussed it yesterday.  After some morning formalities, the main event is scheduled to begin around 1:00 pm EDT.  We would expect one or more official statements in the afternoon, but have no time schedule.  Expectations are for two plans to be announced.  Many are looking at the 1200 area (basis S&P 500 cash) as a target over the next few days, with which we cannot quarrel.  Critical support remains in the 1185-90 area in the ES.  Pre-market liquidity is low, so expect a rumor driven market, and the New Home Sales report at 10:00 am could also be a market mover.

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Today’s  Scheduled News (all times EDT)

Major Market Movers
New Home Sales at 10:00 am

Minor Market Movers
EIA Petroleum Stats at 10:30 am
5 Yr Note Auction at 1:00 pm

Tomorrow’s Scheduled News

Major Market Movers
GDP at 8:30 am
Jobless Claims at 8:30 am
Pending Home Sales at 10:00 am

Minor Market Movers
7 Yr Note Auction at 1:00 pm


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