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Markets could be facing the choppiest week of the new year, as investors watch for a resolution in the Greek debt saga.
Stocks finished Friday with the biggest decline of 2012 and a spike in the VIX, volatility index, which was above 20 for the first time in nearly a month. The Dow was down 89 Friday at 12,801, and the S&P was off 9 points at 1342, south of a resistance zone at 1350, a level it failed to hold this past week.
“A lot depends on what happens over the weekend. I don’t think anything good is going to happen. I think the EU (finance ministers) was a little harsh with the Greeks. It looks like they were trying to push them out of the euro zone. It could get bumpy next week,” said Art Cashin, UBS director of floor operations.
Besides watching the latest scene in Greek’s debt drama, markets will be focused on U.S. economic reports. Retail sales and inflation data are expected, as are a series of Federal Reservespeakers, who may provide more clues as to Fed thinking on quantitative easing. There are still a few major earnings reports expected, from GM , Deere and Comcast , the parent of CNBC.
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