The US market is opening lower, flirting with its 200-day moving average, often the neighborhood in which a normal correction will reverse.
But, stocks around the world are lower today. Asia was down as is Europe. Both regions seem to be declining over concern about Europe, specifically Germany and Greece.
Europe appears to be heading deeper into recession. There has been a string of disappointing economic reports, there. Even mighty Germany, the strongest major economy in Europe may report close to flat-line growth when its figures are announced on Thursday. Its last reported industrial production number was surprisingly weak.
Greece still seems to be the unsolvable problem. Austerity is not working. The economy continues in free-fall and structural reforms are not being carried out. But, eager to avoid Greece’s exit from the Euro, European countries are apparently going to give Greece another two years to meet the moving targets on which it continually falls miserably short.
It is not that Greece is a large economy. It is not dragging Europe lower by itself. But, it adds to the angst and frustration across the continent as other economies there are slightly shrinking.