These days we are constantly hearing about currency wars taking place across the globe. Almost every leading country is trying and racing to devalue their currency in order to boost their exports. Just look at the recent action by the Japanese government and the Bank of Japan (Japanese central bank). The Japanese finance minister actually stated they his goal was to get the Nikkei 225 Index up to 13,000 by the end of March. You cannot make this stuff up. Never before has a prominent government figure made such a comment. ...

Well, I was partially right about last week. The market gave us a three day rally but sold off into the weekend. However, my predictions regarding the Euro and the 126 level were dead wrong. Events in Europe are quickly coming to a head and the efforts of European politicians to "kick the can down the road" are coming to an end.

Most of the major indexes finished the week up marginally from the previous week. The notable exceptions were the Russell 2000 which underperformed it's large cap brothers and the Mid Cap index was also down close to 1/2 percent.

We just finished one of the most momentous weeks in the market since Ocotber 2008 when it appeared the global financial system looked like it was becoming unglued. We had a landmark decision by the Supremes on Obamacare and we ended up the week with a delirious market reaction to the EU Summit.

This will be an abbreviated commentary and there will be no commentary next week as I take a much needed rest from the ordinary weekend regimen.

Spanish bond yields gains prominence as it could potentially be the next Greece in the making. The 4th largest economy in Europe, Spanish default can significantly impact the markets