6/27/12 2:54 PM – Big News Day Tomorrow

Thursday is the day we will probably hear the Supreme Court decision on Obamacare which have a big impact on businesses, individuals and government. A recent rumor by Justice Ginsberg that they were very divided over the issue means it will likely be aq 5-4 decision with Justice Kennedy once again being the swing vote.

Thursday is also the start of the most important European leaders summit this year. Contagion is spreading from Greece to Italy and Spain, two big economies. Absent agreement on issuing eurobonds or making a Eurozone-wide deposit insurance I don’t look for much. The first idea, according to Angela Merkel of Germany would be “over my dead body.” The second is also unlikely.

We’ll also get initial jobless claims which due to recent disappointing employment news takes on a more significant role.

Stocks today are continuing their small upward trend started mid-day Monday. The move is small enough that it will be overwhelmed by news in one direction or the other. Housing, on the other hand, is apparently on the mend, both in sales and prices.