Not Much New To Report
While there is no question the longer-term technical outlook for stocks has improved, short-term conditions aligning with a possible correction have not been cleared yet. Our base case calls for a correction, maybe 4% to 6%, followed by further upside. If and how we come down will go a long way in terms of getting a better read on the markets from an intermediate-term perspective.
With citizens opposing further austerity, Greek leaders want them to understand the alternative (default). From Bloomberg:
Greece’s Prime Minister Lucas Papademos requested the country’s Finance Ministry to prepare a document on the implications of a Greek default, Panos Beglitis, spokesman for the socialist Pasok Party said.
