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Bobbys Corner-Open Market-Dec.16.2010

bob-slade-forex-2-150x200Good Morning:

EU leaders start a 2 day meeting today in Brussels to discuss the best course of action regarding containing the sovereign debt crisis that has plaged the EU and the Euro.  Market participants are looking for a permanent crisis mechanism to protect the financial markets and to keep the debt crisis in the EU contained.
Portuguese, Greek, and Spanish bonds dropped, with the spread versus German bonds rising again.
With Spain being much larger than the other PIIGS countries, investors will be looking at Spain to see if the mechanisms within the EU to safeguard the financial system are actually able to protect against any future debt crisis within the region.

Asian and European equity markets were mixed, and US Futres are slightly higher at thi time.

Oil:$88.23                                                    Gold:$1379.80 

TIME FOR EST. PRIOR   REVISED
8:30A.M. HOUSING STARTS NOV. 550K 519K
8:30A.M. HOUSING STARTS MoM      NOV. 6.00% -11.7%
8:30A.M. BUILDING PERMITS NOV.  560K 550K      552K
8:30A.M. BUILDING PERMITS MoM NOV. 1.50% 0.50% 0.90%
8:30A.M. CURRENT ACCT. BALANCE  3Q -$126.0B -$123.3B
8:30A.M. INITIAL JOBLESS CLAIMS 11-Dec 425K     421K
8:30A.M. CONTINUING CLAIMS 4-Dec      4110K 4086K
10:00A.M. PHILADELPHIA FED  DEC. 15.O      22.5O  

HAVE A GREAT DAY & GOOD LUCK