If you own a small business or especially if you run a one-person enterprise from your home, you are aware that keeping track of where the money is coming from and going to is job #1, but also, that it can be confusing and frustrating to keep track of income, expenses, tax items and other line items.
For most of us, it's a job that gets farmed out to an accountant, employee or bookkeeping firm, of which there are many. Those who prefer the old, tried-and-true method of doing everything by oneself, the internet offers a variety of business bookkeeping that can help make these business chores more enjoyable and less time-consuming.
What's nice about some of these services is - in addition to many of them being free - that all the information is sourced from one's own bank accounts, PayPal accounts or credit card accounts, so there's no manual imputation of individual transactions necessary.
Most of these services offer real-time access to your income and expense data and the best of breed are highly secure and reliable. Once you've input all of your accounts the software (in the cloud, so to speak) does the buklk of the heavy listing and you can sit back and enjoy running your business without having to worry about whether you're spending too much on particular items or getting behind on necessary tax filings.
Some of these services offer worksheets for the individual practitioner's best friend in the tax filing universe: IRS Schedule C, along with other useful forms and information to make your tax filings a snap.
Monday, February 13, 2012
Friday, February 10, 2012
Greece: Deal or No Deal; Booking Profits Today
Finally, after four days of running essentially in place, stocks took a morning downturn and turned it into an all-day event, as US indices suffered their worst loss of 2012.
The catalyst for the day-long decline was none other than Greece, where the deal struck on new austerity measures just yesterday quickly became unglued as the leader of the LAOS party, Giorgios Karatzaferis, said publicly that his 16-seat faction (of Greece's 300-member parliament) would vote against the planned austerity measures this Sunday.
The departure of the small faction caused a major uproar in financial markets, which see the defection as a major blow to the overall refinancing plan put in place by the EU, ECB and IMF (the "troika"). Globalist financial leaders have demanded that the Greek government sign onto the strict austerity measures before taking further steps to ease the crisis in Greece with another round of bailout funds before the deadline for Greece to repay roughly $14 billion occurs on March 20.
Additionally, as many as five cabinet ministers of the newly-formed Greek coalition government have reportedly resigned, signaling even further defections from the nation-destroying plan to keep Greece afloat and the Archbishop of Athens - and leader of the Orthodox church - sent a letter to Prime Minister Lucas Papademos warning of a "social explosion" of poverty, homelessness and rioting should the country continue on its current, destructive path.
Even today, protesters hurled gas bombs and rocks at Greek police in and around the capitol as the nation enters a dangerous, deadly phase of its struggle for sovereignty.
The bottom line is that Greece can and probably should extract itself from the EU and begin - as soon as humanly possible - converting from the disabled Euro currency back to the drachma. The levels of debt are far too onerous for Greece to ever repay without severe costs in lives and livelihoods, and the rising passions of the people may dictate to the government and the gloablist EU statists the correct course for the country, lest it fall to the desires of those clamoring for continued support from the ECB, which thus far have produced only a worsening situation.
A disorderly default by Greece would open the door to similar situations in Portugal and especially Ireland, where debt slavery is becoming a way of life and the citizens of the Emerald Isle find themselves chained to the wishes of their banker overlords. Extrication from the EuroZone and the Euro currency is now being seen as a path toward self-sufficiency and national unity in countries with severe debt issues, including Spain, Italy and Belgium.
Dissolution of the European Union and destruction of the Euro currency caused by domino-like defections is an end-game that the globalists and supra-governing mechanisms of the EU cannot even begin to comprehend and that is why almost all European stock markets - along with US markets - ended the day deep in the red.
The losses today in the Dow, NASDAQ and S&P 500 were a sudden shift from the plodding gains of recent days and may be signaling a shift in global economic expectations. Today was surely a day in which some short-term traders ran for cover, as US Treasury bonds improved, pushing yields lower.
A move lower in oil, gold and silver, as the US dollar rose in value is probably a temporary condition, at least for the metals, but any continued move lower by the Euro - which took a sudden downturn on today's news - would more than likely contribute to a run on equities as the correlation trade between the US dollar, the Euro and risk assets continues to suggest.
With the turn of the new year, the Euro has strengthened, but the destruction today should serve as a warning to investors and speculators that the recent strength is hardly sustainable. Imagining a Euro at 1.20 to the dollar, or even at par, could turn out to be the worst nightmare for many hedge funds and even long-term investors.
US stocks have reached a point of no return - at or near multi-year highs - and the concept of a euro-fomented retreat is not only palpable, but probable at this juncture.
Investors worldwide will be holding their collective breaths this weekend in anticipation of the Sunday vote by Greece's parliament and the response from the European financial authorities. While complete resolution is a distant hope, some clarity should come to markets by Monday, though the projected outcomes are radically different.
Plenty of profits were booked today, and, if the Greek situation continues to devolve into chaos, many more traders and investors will be heading for the sidelines. The markets - indeed, all of Europe and most of the world - are headed toward a climatic conclusion or convulsion in the days and weeks ahead. Should the Greeks decide to reject austerity and the burdens of continued debt, all bets are off.
Dow 12,801.23, -89.23 (0.69%)
NASDAQ 2,903.88, -23.35 (0.80%)
S&P 500 1,342.64, -9.31 (0.69%)
NYSE Composite 7,992.05, -89.20 (1.10%)
NASDAQ Volume 1,786,934,125
NYSE Volume 3,798,787,500
Combined NYSE & NASDAQ Advance - Decline: 1420-4233
Combined NYSE & NASDAQ New highs - New lows: 144-21
WTI crude oil: 98.67, -1.17
Gold: 1,725.30, -15.90
Silver: 33.60, 0.31
The catalyst for the day-long decline was none other than Greece, where the deal struck on new austerity measures just yesterday quickly became unglued as the leader of the LAOS party, Giorgios Karatzaferis, said publicly that his 16-seat faction (of Greece's 300-member parliament) would vote against the planned austerity measures this Sunday.
The departure of the small faction caused a major uproar in financial markets, which see the defection as a major blow to the overall refinancing plan put in place by the EU, ECB and IMF (the "troika"). Globalist financial leaders have demanded that the Greek government sign onto the strict austerity measures before taking further steps to ease the crisis in Greece with another round of bailout funds before the deadline for Greece to repay roughly $14 billion occurs on March 20.
Additionally, as many as five cabinet ministers of the newly-formed Greek coalition government have reportedly resigned, signaling even further defections from the nation-destroying plan to keep Greece afloat and the Archbishop of Athens - and leader of the Orthodox church - sent a letter to Prime Minister Lucas Papademos warning of a "social explosion" of poverty, homelessness and rioting should the country continue on its current, destructive path.
Even today, protesters hurled gas bombs and rocks at Greek police in and around the capitol as the nation enters a dangerous, deadly phase of its struggle for sovereignty.
The bottom line is that Greece can and probably should extract itself from the EU and begin - as soon as humanly possible - converting from the disabled Euro currency back to the drachma. The levels of debt are far too onerous for Greece to ever repay without severe costs in lives and livelihoods, and the rising passions of the people may dictate to the government and the gloablist EU statists the correct course for the country, lest it fall to the desires of those clamoring for continued support from the ECB, which thus far have produced only a worsening situation.
A disorderly default by Greece would open the door to similar situations in Portugal and especially Ireland, where debt slavery is becoming a way of life and the citizens of the Emerald Isle find themselves chained to the wishes of their banker overlords. Extrication from the EuroZone and the Euro currency is now being seen as a path toward self-sufficiency and national unity in countries with severe debt issues, including Spain, Italy and Belgium.
Dissolution of the European Union and destruction of the Euro currency caused by domino-like defections is an end-game that the globalists and supra-governing mechanisms of the EU cannot even begin to comprehend and that is why almost all European stock markets - along with US markets - ended the day deep in the red.
The losses today in the Dow, NASDAQ and S&P 500 were a sudden shift from the plodding gains of recent days and may be signaling a shift in global economic expectations. Today was surely a day in which some short-term traders ran for cover, as US Treasury bonds improved, pushing yields lower.
A move lower in oil, gold and silver, as the US dollar rose in value is probably a temporary condition, at least for the metals, but any continued move lower by the Euro - which took a sudden downturn on today's news - would more than likely contribute to a run on equities as the correlation trade between the US dollar, the Euro and risk assets continues to suggest.
With the turn of the new year, the Euro has strengthened, but the destruction today should serve as a warning to investors and speculators that the recent strength is hardly sustainable. Imagining a Euro at 1.20 to the dollar, or even at par, could turn out to be the worst nightmare for many hedge funds and even long-term investors.
US stocks have reached a point of no return - at or near multi-year highs - and the concept of a euro-fomented retreat is not only palpable, but probable at this juncture.
Investors worldwide will be holding their collective breaths this weekend in anticipation of the Sunday vote by Greece's parliament and the response from the European financial authorities. While complete resolution is a distant hope, some clarity should come to markets by Monday, though the projected outcomes are radically different.
Plenty of profits were booked today, and, if the Greek situation continues to devolve into chaos, many more traders and investors will be heading for the sidelines. The markets - indeed, all of Europe and most of the world - are headed toward a climatic conclusion or convulsion in the days and weeks ahead. Should the Greeks decide to reject austerity and the burdens of continued debt, all bets are off.
Dow 12,801.23, -89.23 (0.69%)
NASDAQ 2,903.88, -23.35 (0.80%)
S&P 500 1,342.64, -9.31 (0.69%)
NYSE Composite 7,992.05, -89.20 (1.10%)
NASDAQ Volume 1,786,934,125
NYSE Volume 3,798,787,500
Combined NYSE & NASDAQ Advance - Decline: 1420-4233
Combined NYSE & NASDAQ New highs - New lows: 144-21
WTI crude oil: 98.67, -1.17
Gold: 1,725.30, -15.90
Silver: 33.60, 0.31
Thursday, February 9, 2012
50 State AGs Bend to Will of Banks in Foreclosure Settlement Deal
This is the kind of market that causes financial writers to suffer a severe case of "writers block," the disease that infests the creative part of the mind because there's simply no action in financial markets.
For the fourth day in a row, the major stock indices barely budged, but managed to produce marginal gains, except for the NYSE Composite, which was down slightly. The pattern was virtually the same, with a dip in the morning followed by a quick comeback and a flat to slightly rising curve through the session. One change was that the advance-decline line favored the downside, but guess what? Options expiry is next Friday, so expect the markets to continue climbing though the middle of next week. Bankers gotta eat, ya know?
There was a bit of news from Greece, where the government finally agreed to tougher austerity measures which will reduce wages, headcount, and pensions. The deal cleared the way for talks with the troika to resume, though there are still significant hurdles to be worked out with both the public funding sources and the private ones.
The agreement did little to move US markets, which have been stuck in a regimen of low volume and little movement all week (I mentioned that earlier, I know).
In the other major development of the day, the 50 state Attorneys General announced that their deal with the five major banks involved in the sub-prime, robo-signing mortgage and foreclosure fiasco had been finalized, with the holdouts from California, New York and Delaware finally coming around to see it the banks' way.
The $26 billion deal will provide little relief to underwater homeowners (maybe $1500-2000) and offers a $2000 cash bonus to people who lost their homes to fraudulent foreclosures between 2008-2011. Anyone who paid their mortgage on time, is currently in foreclosure or falls outside those chosen dates: out of luck.
That the deal was yet another windfall for the banks cannot be understated. These banks, through shoddy originations, poor (sometimes none) documentation, fraud and other nefarious tactics, bilked the American public, the US government and mortgage-backed securities bondholders of billions, if not trillions of dollars, worldwide. The paltry sum of $26 billion spread out over a three-year span is nothing more than a rounding error for these white-collar criminals.
If there's outrage to be heard from the general public, don't count on it amounting to much as the US populace has already put up with enough government and business malfeasance the past 12 years that the screamers and shouters are already worn out from 9/11, the security state, illegal wiretaps, TSA gropings, the Iraq and Afghanistan wars, etc. The list goes on and on and the American public has virtually resigned itself to the fact that resisting the influence of a broken, fascist federal government is tantamount to economic suicide and hardly worth the effort.
Little by little, the feds have taken away essential liberties granted by the constitution (that "piece of paper" as GW Bush called it) and are in the process of shredding every last ounce of fight and goodness that typified the America of yesteryear. It's depressing, but blatantly obvious that the direction of the country is careening quickly toward an oligarchy in which the well-connected, well-heeled are treated far differently than the poor working slobs. Money is power and the feds know this well. This is the most corrupt government in the world and neither the Democrats nor the Republicans have a monopoly on the corruptive power as they both drink from the same hose: that of the rich, in deference to the citizenry.
The only potential upside to the plight of the average American is that the federalistas are hopelessly incompetent, so compliance with all their rules, regulations, edicts and taxes can generally be avoided with a little bit of ingenuity and a good dose of umbrage. The downside is that as federal tax revenues decrease (a logical occurrence and already well underway), the bureaucrats and oligarchs will become even more oppressive and brutal. Those of us wishing to stay and fight or hope for the best had better be prepared for another decade of distrust, distortions and dishonesty from the top down, though, as Americans - and others - have been noted for in the past, defiance of officials and mendacious governance can be a powerful elixir for those who have been harmed.
Today's "settlement" with Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and Ally Financial (formerly known as GMAC) is nothing more than a cover for the inadequacies of our elected Attorneys General, who found it more expeditious to glad-hand their political donors than follow the rule of law. What a shame. America used to be such a nice place.
Dow 12,890.46, +6.51 (0.05%)
NASDAQ 2,927.23, +11.37 (0.39%)
S&P 500 1,351.95, +1.99 (0.15%)
NYSE Composite 8,081.25, -1.73 (0.02%)
NASDAQ Volume 2,148,275,750
NYSE Volume 4,058,775,250
Combined NYSE & NASDAQ Advance - Decline: 2687-2940
Combined NYSE & NASDAQ New highs - New lows: 289-13 (no comment)
WTI crude oil: 99.84 (really?)
Gold: 1,741.20, +9.90
Silver: 33.92, +0.21
For the fourth day in a row, the major stock indices barely budged, but managed to produce marginal gains, except for the NYSE Composite, which was down slightly. The pattern was virtually the same, with a dip in the morning followed by a quick comeback and a flat to slightly rising curve through the session. One change was that the advance-decline line favored the downside, but guess what? Options expiry is next Friday, so expect the markets to continue climbing though the middle of next week. Bankers gotta eat, ya know?
There was a bit of news from Greece, where the government finally agreed to tougher austerity measures which will reduce wages, headcount, and pensions. The deal cleared the way for talks with the troika to resume, though there are still significant hurdles to be worked out with both the public funding sources and the private ones.
The agreement did little to move US markets, which have been stuck in a regimen of low volume and little movement all week (I mentioned that earlier, I know).
In the other major development of the day, the 50 state Attorneys General announced that their deal with the five major banks involved in the sub-prime, robo-signing mortgage and foreclosure fiasco had been finalized, with the holdouts from California, New York and Delaware finally coming around to see it the banks' way.
The $26 billion deal will provide little relief to underwater homeowners (maybe $1500-2000) and offers a $2000 cash bonus to people who lost their homes to fraudulent foreclosures between 2008-2011. Anyone who paid their mortgage on time, is currently in foreclosure or falls outside those chosen dates: out of luck.
That the deal was yet another windfall for the banks cannot be understated. These banks, through shoddy originations, poor (sometimes none) documentation, fraud and other nefarious tactics, bilked the American public, the US government and mortgage-backed securities bondholders of billions, if not trillions of dollars, worldwide. The paltry sum of $26 billion spread out over a three-year span is nothing more than a rounding error for these white-collar criminals.
If there's outrage to be heard from the general public, don't count on it amounting to much as the US populace has already put up with enough government and business malfeasance the past 12 years that the screamers and shouters are already worn out from 9/11, the security state, illegal wiretaps, TSA gropings, the Iraq and Afghanistan wars, etc. The list goes on and on and the American public has virtually resigned itself to the fact that resisting the influence of a broken, fascist federal government is tantamount to economic suicide and hardly worth the effort.
Little by little, the feds have taken away essential liberties granted by the constitution (that "piece of paper" as GW Bush called it) and are in the process of shredding every last ounce of fight and goodness that typified the America of yesteryear. It's depressing, but blatantly obvious that the direction of the country is careening quickly toward an oligarchy in which the well-connected, well-heeled are treated far differently than the poor working slobs. Money is power and the feds know this well. This is the most corrupt government in the world and neither the Democrats nor the Republicans have a monopoly on the corruptive power as they both drink from the same hose: that of the rich, in deference to the citizenry.
The only potential upside to the plight of the average American is that the federalistas are hopelessly incompetent, so compliance with all their rules, regulations, edicts and taxes can generally be avoided with a little bit of ingenuity and a good dose of umbrage. The downside is that as federal tax revenues decrease (a logical occurrence and already well underway), the bureaucrats and oligarchs will become even more oppressive and brutal. Those of us wishing to stay and fight or hope for the best had better be prepared for another decade of distrust, distortions and dishonesty from the top down, though, as Americans - and others - have been noted for in the past, defiance of officials and mendacious governance can be a powerful elixir for those who have been harmed.
Today's "settlement" with Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and Ally Financial (formerly known as GMAC) is nothing more than a cover for the inadequacies of our elected Attorneys General, who found it more expeditious to glad-hand their political donors than follow the rule of law. What a shame. America used to be such a nice place.
Dow 12,890.46, +6.51 (0.05%)
NASDAQ 2,927.23, +11.37 (0.39%)
S&P 500 1,351.95, +1.99 (0.15%)
NYSE Composite 8,081.25, -1.73 (0.02%)
NASDAQ Volume 2,148,275,750
NYSE Volume 4,058,775,250
Combined NYSE & NASDAQ Advance - Decline: 2687-2940
Combined NYSE & NASDAQ New highs - New lows: 289-13 (no comment)
WTI crude oil: 99.84 (really?)
Gold: 1,741.20, +9.90
Silver: 33.92, +0.21
Wednesday, February 8, 2012
Stocks Remain Sluggishly in Stall Mode Awaiting Greek Workout
Considering that there are nearly 7 billion people on Planet Earth, one wouldn't think that the economic fate of a country as small as Greece (population: 10,787,690 in the 2011 census) would rattle markets as much as the Hellenic nation has, but there's much more to the equation than just Greece and its populace.
If Greece is unable to come to terms with private and public financiers, and have their people agree to even more stringent austerity measures, there's the very real chance that Greece would formally default on its debt and thus be driven from the EuroZone. Ancillary to that argument is the suspicion that other derelict nations which use the Euro as their primary currency - countries such as Portugal, Spain, Italy, Belgium and Hungary - might also fall under the sway of separation from the Euro currency, a chain of events that would surely bring financial markets and whole economies to a state of panic and confusion.
So, while the unity party in Greece and Premier Lucas Papademos ponder their next moves, the world slowly turns.
Stocks were little changed for the third straight session in New York, treading water in a narrow trading range on a paucity of volume. However, if anything has been learned since the near-death experience of 2008, maybe the merry marketeers have discovered that slow is good.
Stocks have advanced at a snail's pace this week, with the Dow adding 19 points and change over the three days. Despite the angst over the situation in Europe, some are still finding equities worth buying and, yes, holding.
Should Greece formally default, it should not be the end of the world for US investors in particular. There's been plenty of time to decouple from Europe, though the effect of a cascading currency crisis would, almost certainly, have a deleterious aftermath.
On the opposite side of the equation is the hope-against-hope that the Greeks will accept austerity, private bondholders will take a 50-70% haircut and the troika will also manage to find a way to sweep the unpaid debts under the rug of international finance.
Since the ECB, IMF and our own Federal Reserve can just flip the money switch at will, there's little doubt that whatever the circumstances, and however dire the conditions for the people of Greece, the economic Ponzi scheme will continue without as much as a loud belch from the bowls of central bank vaults.
As it was in 2008 in America, little will change, although the though of visiting the home of the Acropolis and the Parthenon with American money at an exchange rate measured in cheap drachmas instead of overvalued Euros is rather appealing.
Dow 12,883.95, +5.75 (0.04%)
NASDAQ 2,915.86, +11.78 (0.41%)
S&P 500 1,349.96, +2.91 (0.22%)
NYSE Composite 8,083.47, +13.76 (0.17%)
NASDAQ Volume 1,952,598,125
NYSE Volume 4,050,664,250
Combined NYSE & NASDAQ Advance - Decline: 3218-2394
Combined NYSE & NASDAQ New highs - New lows: 279-11
WTI crude oil: 98.71, +0.30
Gold: 1,731.30, -17.10
Silver: 33.70, -0.49
If Greece is unable to come to terms with private and public financiers, and have their people agree to even more stringent austerity measures, there's the very real chance that Greece would formally default on its debt and thus be driven from the EuroZone. Ancillary to that argument is the suspicion that other derelict nations which use the Euro as their primary currency - countries such as Portugal, Spain, Italy, Belgium and Hungary - might also fall under the sway of separation from the Euro currency, a chain of events that would surely bring financial markets and whole economies to a state of panic and confusion.
So, while the unity party in Greece and Premier Lucas Papademos ponder their next moves, the world slowly turns.
Stocks were little changed for the third straight session in New York, treading water in a narrow trading range on a paucity of volume. However, if anything has been learned since the near-death experience of 2008, maybe the merry marketeers have discovered that slow is good.
Stocks have advanced at a snail's pace this week, with the Dow adding 19 points and change over the three days. Despite the angst over the situation in Europe, some are still finding equities worth buying and, yes, holding.
Should Greece formally default, it should not be the end of the world for US investors in particular. There's been plenty of time to decouple from Europe, though the effect of a cascading currency crisis would, almost certainly, have a deleterious aftermath.
On the opposite side of the equation is the hope-against-hope that the Greeks will accept austerity, private bondholders will take a 50-70% haircut and the troika will also manage to find a way to sweep the unpaid debts under the rug of international finance.
Since the ECB, IMF and our own Federal Reserve can just flip the money switch at will, there's little doubt that whatever the circumstances, and however dire the conditions for the people of Greece, the economic Ponzi scheme will continue without as much as a loud belch from the bowls of central bank vaults.
As it was in 2008 in America, little will change, although the though of visiting the home of the Acropolis and the Parthenon with American money at an exchange rate measured in cheap drachmas instead of overvalued Euros is rather appealing.
Dow 12,883.95, +5.75 (0.04%)
NASDAQ 2,915.86, +11.78 (0.41%)
S&P 500 1,349.96, +2.91 (0.22%)
NYSE Composite 8,083.47, +13.76 (0.17%)
NASDAQ Volume 1,952,598,125
NYSE Volume 4,050,664,250
Combined NYSE & NASDAQ Advance - Decline: 3218-2394
Combined NYSE & NASDAQ New highs - New lows: 279-11
WTI crude oil: 98.71, +0.30
Gold: 1,731.30, -17.10
Silver: 33.70, -0.49
Tuesday, February 7, 2012
Light Volume, Low Volatility: Signs of Stagnation?
Since the dramatic rise to fresh multi-year highs this past Friday, the first tow days of this week have been nothing more than a major snooze-fest. Whatever the issue, stocks seemed stalled at these lofty levels, perhaps in anticipation of some new developments in the ongoing struggle to keep Greece functioning or possibly due to angst over the conditions in Iran, Syria, Egypt or some other place that seems ripe to explode.
The pattern for the last two days has been oddly similar, with stocks lower at the open, then a spike higher around 10:00 am ET, and a flattening out for the remainder of the session. The difference between yesterday and today is that yesterday's action kept the major indices in the red, while today's trade was mostly on the positive side of the ledger.
Tuesday was a little bit like Groundhog Day in that regard, and also due to Fed chairman Ben Bernanke delivering pretty much the same canned remarks to the Senate as he gave to the House last week.
A 24-hour general strike cripple Greece's already-impaired infrastructure so that negotiations on three fronts - dealing with private bondholders, dealing with funds from the troika, and acceptance of harsh austerity measures - were held mostly without much fanfare or publicity.
Greece's unity government (an oxymoron if ever there was one) needs to work out arrangements with each of their two parties of creditors, and with its own people, to secure another round of financing of 130 billion euro ($172 billion) before a scheduled March 20 payment on 14.5 billion euro of maturing debt.
Since it's obvious to everyone that Greece can't manage its own money, much less the bailout funds pumped into it just last Summer, the threat of default and expulsion from the Eurozone continues to weigh on Europe and the rest of the world.
It's a cruel game of chicken and Europe, in particular, is the worst for it.
One proposal that was floated by German Chancellor Angela Merkel is to force the Greek government to allocate interest payments into an escrow account, so their profligate ways won't threaten future debt payments, much like a teenager with a co-signer on an installment loan. If it wasn't so sadly true, such an attempt to reign in Greece's spendthrift ways might qualify as humor. Unfortunately, the tragedy that is 21st century Greece does not look like it's going to have a happy ending.
Dow 12,878.20, +33.07 (0.26%)
NASDAQ 2,904.08, +2.09 (0.07%)
S&P 500 1,347.05, +2.72 (0.20%)
NYSE Composite 8,069.70, +21.67 (0.27%)
NASDAQ Volume 1,784,894,750
NYSE Volume 3,727,102,750
Combined NYSE & NASDAQ Advance - Decline: 2959-2649
Combined NYSE & NASDAQ New highs - New lows: 249-7 (wow)
WTI crude oil: 98.41, +1.50
Gold: 1,748.40, +23.50
Silver: 34.19, +0.44
The pattern for the last two days has been oddly similar, with stocks lower at the open, then a spike higher around 10:00 am ET, and a flattening out for the remainder of the session. The difference between yesterday and today is that yesterday's action kept the major indices in the red, while today's trade was mostly on the positive side of the ledger.
Tuesday was a little bit like Groundhog Day in that regard, and also due to Fed chairman Ben Bernanke delivering pretty much the same canned remarks to the Senate as he gave to the House last week.
A 24-hour general strike cripple Greece's already-impaired infrastructure so that negotiations on three fronts - dealing with private bondholders, dealing with funds from the troika, and acceptance of harsh austerity measures - were held mostly without much fanfare or publicity.
Greece's unity government (an oxymoron if ever there was one) needs to work out arrangements with each of their two parties of creditors, and with its own people, to secure another round of financing of 130 billion euro ($172 billion) before a scheduled March 20 payment on 14.5 billion euro of maturing debt.
Since it's obvious to everyone that Greece can't manage its own money, much less the bailout funds pumped into it just last Summer, the threat of default and expulsion from the Eurozone continues to weigh on Europe and the rest of the world.
It's a cruel game of chicken and Europe, in particular, is the worst for it.
One proposal that was floated by German Chancellor Angela Merkel is to force the Greek government to allocate interest payments into an escrow account, so their profligate ways won't threaten future debt payments, much like a teenager with a co-signer on an installment loan. If it wasn't so sadly true, such an attempt to reign in Greece's spendthrift ways might qualify as humor. Unfortunately, the tragedy that is 21st century Greece does not look like it's going to have a happy ending.
Dow 12,878.20, +33.07 (0.26%)
NASDAQ 2,904.08, +2.09 (0.07%)
S&P 500 1,347.05, +2.72 (0.20%)
NYSE Composite 8,069.70, +21.67 (0.27%)
NASDAQ Volume 1,784,894,750
NYSE Volume 3,727,102,750
Combined NYSE & NASDAQ Advance - Decline: 2959-2649
Combined NYSE & NASDAQ New highs - New lows: 249-7 (wow)
WTI crude oil: 98.41, +1.50
Gold: 1,748.40, +23.50
Silver: 34.19, +0.44
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