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MLR - Premarket Pulse March 26, 2013

The market opened to the upside yesterday on a gap-up move following the announcement of a Cyprus "deal" on Sunday, but reversed to close down on mixed volume. The NASDAQ Composite traded lower volume but the NYSE-based indexes all traded higher volume making for another distribution day on the S&P 500 and the Dow. While the deal puts a lid on any exit by Cyprus from the Euro zone, Cypriot bank account holders with accounts over Euro 100,000 will have to take up to a 40% haircut, which may set a new precedent for banks in other EU countries. However, the European Central Bank may print as much as they need to avert an occurrence of this sort in more substantial EU countries such as Spain or Italy. Nevertheless, it is somewhat disconcerting to see when banks can now confiscate depositors' holdings in order to cover their own bad decisions and errant risk-taking.

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