T Minus 4 And Counting To Financial Armageddon


Market Summary:
Global markets continued to sell off today over ongoing concerns regarding the debt crisis in Europe and the ongoing budget ceiling debate in Washington, D.C.

The White House plans to veto the budget bill due to come to vote on Tuesday and still opposes the “cut, cap, and balance” proposal put forward from the other side of the aisle.

Still, work continues on “Plan B,” a fallback plan to avoid default on the August 2nd deadline, and a “secret” meeting apparently was held at the White House to pursue these ongoing discussions.

Gold reached a new record while the U.S. Dollar and Oil climbed.

Market Numbers Summary:

 Dow Jones Industrials (DIA): -95pts; -0.8%

S&P 500 (SPY): -11 points; -0.8%

NASDAQ (QQQ) -25 points: -0.9%

Russell 2000 (IWM): -13 points; -1.6%

Tomorrow’s Action:
 Economic Reports:

June Housing Starts

June Single Family Permits

Notable Earnings Reports:

Coca Cola

Wells Fargo

Bank of America

Goldman Sachs

Johnson and Johnson


Have a great evening,



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