The Precise Take – Markets quiet ahead of EZ meeting

Big Picture Analysis: Friday was another calm day, with the ES rallying in the final minutes to close at a nominal new high.  Overnight, traders pushed to 1314.00 ahead of a meeting of the Eurozone’s 17 finance ministers, which commenced at 8:30 am EST this morning.  There’s no scheduled news today in the US, and while European headline risk is on the table, we don’t expect anything too big.  Tomorrow, all 27 EU finance ministers meet and the FOMC meeting commences, with the announcement and Bernanke press conference on Wednesday.  Expectations are for low for any material changes in policy other than the already-announced disclosure of each FOMC voting member’s expected path for the Fed Funds target.  A short term correction would be healthy for the markets at this point, but we could continue to see the US indexes continue to climb their respective walls of worry.

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