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Bobbys Corner-Open Market-June.25.2012

Good Morning:

Oh Well- another European Summit is scheduled for this week-which will keep the markets interest for the week ahead. Once again- markets are hopeful that this summit will actually lead to some meaningful progress- BUT like all the other European Summits in the past- no meaningful changes will take place within the  48 hour summit.
Europe needs to fix things NOW-and they continue to just talk-getting no where fast.  It looks like the market is taking  precautionary measures of their own-and are starting to take some risk off the table today.

Spain formally requested the European aid package for the banking sector.
Fitch downgrades Cyprus to BB+ from BBB–outlook negative.
Italian and Spanish 10 year bond yields higher.

Euro lower-upper 1.24 handle level versus USD.

Asian/European and US Futures are all lower.

Oil lower- Gold and Silver higher. 


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