By InTheMoneyStocks.com on February 10th, 2010 7:18pm Eastern Time
This week has been ruled by the dollar and tomorrow will be no exception. Be ready for a wild day as Europe makes a decision on Greece and their debt problems. Will they get a bail out? The answer to that is yes. The question is how much of a bailout. The next issue is which country is next. This is pure and simple a domino effect and the next country needing this is just around the bend. Will it be Portugal or Spain or someone else? The dominos are falling and it is only going to get uglier. This sovereign debt problem really first hit Iceland early in 2009 and then Dubai in November 2009.
With this Greece decision looming tomorrow, be ready for action on the dollar and if the dollar is in play, the markets will be moving. In addition to the Greece news expected, watch for Jobless Claims at 8:30pm ET. I expects a slightly better number than expectations which are 475k. Watch for a number below that and maybe a slight up tick in the futures.
What to watch tomorrow? The dollar is number one based off Greece. You can follow the PowerShares DB US Dollar Index Bullish (NYSE:UUP) as it tracks the dollar nicely. In addition, because the dollar is continually in play, watch gold SPDR Gold Trust (ETF) (NYSE:GLD) and oil United States Oil Fund LP (ETF) (NYSE:USO). Commodity stocks on watch for me tomorrow are United States Steel Corporation (NYSE:X) and others. Since the beginning of the year, it has been a fantastic swing trading market and day trading market. Tomorrow promises to be great too! Be ready, join the Research Center to get all the plays, guidance, calls and education.
Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com
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