This Thursday and Friday at the Euro Summit will prove to be extremely important for world leaders in order to take steps that give financial markets confidence. Standard and Poor’s added some additional fuel to the fire by warning on Monday that 15 of 17 euro zone countries could face additional downgrades if they fail to come to a satisfactory agreement in Brussels.
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Additionally, U.S. Treasury Secretary Tim Geithner has already arrived in Germany today to get a head start on trying to persuade the European leaders to act decisively and quickly to backstop their currency and to ultimately resolve the ongoing debt crisis.
If investors are hoping for a continued Santa Claus rally in the stock market it is essential that there is real progress made at this meeting in Germany, which could be the catalyst that the markets need to continue higher. Please remember past performance is no guarantee of future results.
Eric Marvin, CFP®, CRPC®
Fort Myers, Florida
JPT120611-1996
