After a bruising week, futures on the three major indices are point towards a positive open this morning. The lack of any economic news and the pointless G8 meeting is likely to keep a lid on any substantial rally. Uncertainty over Greece and the EU as a whole will still continue to rule over the market as it tries to to take breather after last week’s sell off. Dow futures are currently up 58 points, Nasdaq futures are adding 14 and the S&P nearly 7.
With Greece expected to return the polls on June 17, expect a ton of meetings to try anything to keepe the country in the EU. French President Hollande is expected to call for an informal EU meeting in which he will push for EU bonds. Expect Merkel to push back against that idea as she has been adamantly against mutualizing the region’s debt.
The bounce in futures is giving commodities a mixed bag. After a massive move downward, oil prices are bouncing somewhat this morning with Nymex crude futures up 19 cents to $91.67 per barrel.
Gold prices are whipsawing between positive and negative territory as the metal struggles to regain the $1600 level. Gold futures are currently down $2.70 to $1589 per ounce.
On the forex market, the dollar continues to make gains with the DXY up fractionally to 81.28. The Euro is continuing its slide, down slightly to 1.2748. [Read more...]
