March 18, 2013- Markets Move Lower as Euro Bailout Plan Backfires

After a breezy performance in recent weeks, Wall Street faces a real test on Monday, as traders watch the developments in Cypress amid their uneasiness over the overbought levels. The index futures point to a sharply lower opening after Asian stocks closed sharply lower, while the European markets are also seeing broad based weakness. Financial stocks are among the worst performers in the overseas markets, as fears of a bank run in Cypress is taking the wind out of the sails of the markets. With the preoccupation shifting to the eurozone and Cypress in particular, a housing report due for the day may have little bearing on the market. The Dow futures are moving down 71 points, while the S&P 500 futures are tumbling 12.10 points and the Nasdaq 100 futures are declining 26.75 points. U.S. stocks advanced yet again in the week ended March 15th, as the markets remained resilient amid the release of some fairly positive economic data.