Lots of Reasons for Concern

We started the year with a  bang -- that spectacular on-the-open rally Tuesday -- but other than that overnight gain, the equity markets are treading water as investors start seriously pondering what the future holds. There is no change in my own negative stance on Europe, but I do concede that recent US economic data has been positive on the margin.

The question that all US-based investors need to answer is whether Europe will overwhelm everything else this year, sending the global economy back into a tailspin. Spain is already in a depression (with 25% unemployment what else can you call it?) and Italian sovereign yields would be in double digits if the ECB wasn't already monetizing like crazy. Greece will wipe out all private bondholders, with at best 50-50 odds of staying in the Euro.  I don't see much good news over there....458 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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