After last week holiday the US market is back along with some European worries. European finance minister are meeting in Brussels to discuss the next installment of bailout money due for Greece. It is not the first meeting, but what is blocking to reach a final agreement is that European ministers need an agreement with the International Monetary Fund on how to hand out money to Greece and get paid back, so that it is not an one way traffic. Greece debt need to be reduced over a 10 year period to 120%, and how to reduce it, is the 31 Billion Euros in question.
Another issue that has been stopping the market from continuing last week rally is the Fiscal Cliff issue in US. Everybody wants a deal, but most likely not body will compromise till the last minute, so the market is going to be on its nerves for a while. Besides this, the only other major issue that is pulling down the market is the retail data form last week holidays.
All major retailers have started the week down. Some interesting numbers have been reveal early this morning, for example, only 40% of the USA population have gone in a shopping frenzy, which leave out 60% keeping their cash save. Another interesting data is that while store visit and online sales increased, total revenue was down compared to previous year.