Michael Block of Phoenix Partners explains what he's talking about with clients right now.
- Greece sold EUR 4B of bills. Next aid tranche decision pushed back to next Tuesday, apparently. Will Europe ever give up on Greece?
- German ZEW awful. Europe growth is dead and the safety net is not in place.
- Belgium making all time tights, France moving wider. What does that tell you?
- Consumer earnings mixed this morning – CSCO the big number tonight. More consumer and tech rest of the week. Can U.S. growth lead in the short term?
- China mucking things up with property tax talk. A little over 2% to go to the 2000 level on the SHCOMP. Has been a good level to buy upside/sell downside.
And Dave Lutz of Stifel, Nicolaus explains the topics he's chatting about...
- Markets in the red. S&P below its 200-day moving average.
- Spain is getting worse again, though people are still focusing on Greece.
- China got hit sharply due to its new property tax plan.
- There are reports in German press about Greece getting a 44 billion EUR aid package.
- Lots of Fiscal Cliff talk. Buzz is that Democrats might glom on to Romney's plan to limit deductions for the rich as an alternative to raising rates on those making over $250K.
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