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Notes from the Research Desk
July 13, 2015
The S&P was unchanged last week, as the financial world waited to see how the Greece situation unfolded. By Monday, the market moved higher on news that Tsipras has accepted a another bailout offer in exchange for real fiscal measures. We'll see if the Greek Parliament approves it this week. It's not over yet.
China's market action is rattling the markets, but things stabilized by the end of last week. This week, China will release key economic data, including GDP. China and Greece are elevating risk levels and defense makes sense right now.
Q2 earnings will begin soon, with an increase of 2.0% expected. Energy is still acting as a damper on earnings (+8.0% ex-Energy). Estimates are still coming down, so there is a bull case for a big beat to the upside if there is a positive surprise factor.
Congrats to the Women's US Soccer Team on their stirring run to a World Cup Championship. Now back to the grind of baseball and more baseball.