Greece Parliament Approves Austerity

Good morning. Futures are positive after Greece’s parliament approved a very unpopular austerity bill to secure a second bailout from the EU/IMF to avoid bankruptcy. Here are the headlines:

  • Greece backs austerity (BL)
  • Europe job losses accelerate (BL)
  • Japan’s economy shrinks 2.3% (YF)
  • OECD flags signs of broader economic upturn (REU)
  • Iran sanctions tighten (BL)
  • Kuwait central bank chief resigns (YF)
  • Obama sees economy growing faster (WSJ)
  • Speculators raise bullish wagers (BL)
  • Bond buyers bet debt yields stay low (BL)
  • Fed watchers see risks in rate plan (WSJ)
  • Obama’s budget headed to Congress (YF)
  • Congress eyes retirement-plan tax benefits (MW)
  • SEC begins investigation of pe firms (BL)
  • Bankruptcy bonuses draw scrutiny (WSJ)
  • Apple begins Samsung legal attack (REU)
  • Vodafone weighing bid for C&W Worldwide (REU)
  • Prudential considers bid for ING Asia (REU)
  • Adele sweeps Grammys (BL)

Wall Street is set for a positive start following progress in Greece. As we start this February options expiration week, it looks like the markets are going to attempt to fill Friday’ opening gap if not retest last week and the July 2011 highs. Needless to say, it will be interesting also to see if there is any attempt to sell the opening strength as we’ve seen so often of late with tensions over Greece appearing to fade.

S&P 500: 1 Hour View

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The Art&Science of Trading Gold
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