After a dismal end to last week, stocks
rallied at the market open yesterday as news of strict fiscal cuts in
Greece gave hope to a number of investors and analysts alike. "There was
some apprehension about it, but the fact of the matter is it was done,
and it's given some very real clarity to markets in terms of what kind of risk Greece represents to the market," said Peter Kenny,
managing director at Knight Capital in Jersey City, New Jersey. This
good news will hopefully keep Greece on the back-burner for the time
being, as a slew of key economicdata is slated to be released this week [see also Doomsday Special: 7 Hard Asset Investments You Can Hold in Your Hand].
One of the most significant reports will come from U.S. advance
retail sales, which will be detailed during today's trading session.
This report is a monthly measure of the sales of goods to consumers
around the country. As such, this statement comments on the consumer
spending sector and how willing citizens are to part with their
discretionary income. A higher figure is a good sign, as it means that
people are willing to spend money believing the economy to either be
strong or stable. A lower-than-expected figure could point to increased
saving and a lack of overall confidence in our economy.
Today's report is predicted to come in at 0.7%, a nice jump from