Total Investor

US Equities advanced, with the Dow Jones Industrial Average closing within 156 points of reaching a new high since

the commencement of the bull market almost 3 years ago. Trading volumes rebounded to the highest level of the year

thus far as market participants repositioned on supportive earnings and encouraging news on the economic front. The

Dollar declined against the Aussie and Yen, but rallied versus the Euro as Greek officials and creditors entered a third

deal of negotiations on a debt swap deal. Orange Juice futures hit a record on supply worries.

European Equities declined with the Stoxx Europe 600 falling from a 5-month high on profit taking. The benchmark

has still advanced 4.6 percent this year, marking its best yearly start since in 15 years. Greek 2-Year Yields fluctuated

near record levels at 180 percent as creditors and the Government reportedly reached an in initial agreement for a

voluntary debt swap. Financials – Barclays (222.65p, +0.6%), Crédit Agricole ( 4.96, +2.5%), Credit Suisse

(CHF 24.25, +1.5%), Société Générale ( 21.00, 4.5%) – rallied as overnight funding rates narrowed.

Treasuries fell in early European trading, with bulls briefly attempting upside, but quickly running out of steam.

The overbought nature of the complex helped push the curve past resistance levels as the 10-Year moved above

2.00% while the 30-Year broke through 3.05%. There was little reaction to housing figures that only slightly missed

estimates

IBM ($188.52, +4.4%) rallied, adding 60.5 points to the INDU after the tech bellwether said fourth-quarter profits

rose 4.4 percent due to rising software demand, while also providing guidance ahead of estimates. Microsoft

($29.71, +5.7%) also pleased the market with $6.62 billion in earnings, which was ahead of analysts’ expectations on

higher Xbox sales. Intel ($26.38, +2.9%) also posted profits and guidance that beat consensus. Google

($585.99, -8.4%), however, dropped on its results.

Major Banks – Bank of America ($7.07, +1.6%), Citi ($29.64, +1.1%), JPMorgan Chase ($37.36, +1.2%), Wells Fargo

($30.54, +1.3%) – all were well bid, extending recent upside. GE ($19.15, unch) reported profits ahead of forecast, but

revenues below. Metals & Miners – Alcoa ($10.17, -0.1%), Cliffs ($71.50, -0.7%), Freeport ($43.10, -2.9%) – fell.

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