All eyes are on Greece as the three day debate comes to a close and the vote on the steep austerity cuts is imminent. At this time, the Greek Parliament has the necessary votes to pass the measure, sending the Stoxx Europe 600 benchmark up over 1.2%, with distressed Euro banks and bonds surging.
Overseas markets continue to rebound, posting their third straight positive session. Starting with the MSCI Asia Pacific index, up 1.3% as the Nikkei reached its highest levels in seven weeks on reports that Japan's industrial output grew at its fastest pace in 50 years. The MSCI Emerging Market index also rallied 0.8% on the report.
U.S. stock futures look to open positive for a third day as well, with S&P futures up nearly 1% on the news that Bank of America (BAC) is close to a $8.5 billion mortgage settlement, while Citigroup (C) was upgraded by Merrill Lynch. Morgan Stanley (MS) and Goldman Sachs (GS) are also positive, despite having their estimates cut by Credit Suisse (CS) and Merrill.
Commodities continue their rebound led by the iShares Silver Trust ETF (SLV) and copper futures, both up over 1%, while the SPDR Gold Trust ETF (GLD) is positive by 0.4%. Crude oil also maintains its bullish momentum, up 1% in early trading, despite the release of strategic reserves late last week. The Oil Service HOLDRs ETF (OIH) along with oil stocks Halliburton (HAL), National Oilwell Varco (NOV), Weatherford International (WFT) and Frontier Oil (FTO) have followed the strength in crude oil, all gaining over 4% yesterday.Technology stocks maintain their leadership of the market, with Apple (AAPL), Lululemon Athletica (LULU), Sina (SINA) and Baidu (BIDU) posting strong gains for a third straight day. Traders will look for these stocks to continue leadership after the housing start numbers and the Greek austerity vote. Disclosures: Scott Redler is long BORN, DANG, AXTI, AAPL and short SPY
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