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An Unsure Market In A Scary World

The markets are lower today after an Ireland bailout announcement which initially, last night, was taken in a positive way.  Last night, the futures were sharply higher on the S&P 500, indicating the markets happiness with the bailout.  However, any realist understands if you bailout one country, you must  bailout all of them.  Greece received a bailout package, now Ireland and soon Spain and Portugal. With the mentality of multiple future bailouts now expected, the markets turned south by the open this morning as the Dollar rallied against the Euro. The SPDR S&P 500 ETF (NYSE:SPY) currently trades at  $119.51, -0.78 while the Dollar stays near the highs of the day.  The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $22.78, +0.11.

This is a holiday week. With any holiday week it is unusual to see the markets drop in a large way. Ahead of Black Friday, the biggest shopping day of the year, many believe the Federal Reserve will use POMO (permanent open market operations) to influence the markets to the upside. A stronger market into this holiday, means more average Americans will feel richer, thus spend more. 

Gareth Soloway
Chief Market Strategist