Pre Market Commentary ...

It’s the summer of discontent for world markets and the bulls may continue to face the heat for some time to come. As for today, thankfully, the outlook appears slightly better. US stocks recovered from session lows to end moderately down. Asian markets are flat to positive. The dollar index has come off a bit while the euro has regained some lost ground.

Still, one should continue to be on guard as things remain volatile and uncertain amid considerable external risks. The euro-zone debt crisis is clearly the culprit and despite a spate of bailout efforts investors remain skeptical and pessimistic. The German plan to ban naked short selling of certain financial instruments has added to the woes.