In better news, JP Morgan now estimates losses to only be in the $4-$6 billion range down from the original $9 billion estimate. The company also expects to post large profits for the second quarter earnings.

More importantly, today marks the announcement of the Personal Income and Outlay consensus and the Personal Spending report. In the April’s Personal Income consensus we saw a modest 0.2% increase and for Personal Spending, 0.3%. The numbers for May are supposed to be even smaller if any increase at all due to aggregate earnings declining by 0.1% and retail and motor sales down. This announcement is bound to only further the highlight on the difficult jobs market and effect on consumers.

As for futures, at the close yesterday S&P 500 was down 0.21% and the 10-year treasuries were up 3.14%. Oil is also doing well up 3.67% yesterday at the close while the dollar was down 1.07%.

To wrap this rager up, we are pleased to announce that the EU has finally reached a decision after not one but 19 summits. What did they decide? To use the EU bailout funds to recapitalize struggling banks directly. And in addition to recapitalizing the banks, the countries have also decided to create a joint bank supervising body to oversee all banks. Because of this unexpected decision markets are up, Euro Stoxx 50 up by 2.09%, the Euro is at $1.2574 up from $1.2430 and the interest rates on 10-year Spanish and Italian bonds are down as well.

That’s all for today folks, make sure to check out our upcoming webinar and follow us on Twitter, @Keeneonmarket!

Andrea@KeeneOnTheMarket.com