At the time of posting, the DOW is up 108.83 to 12,851 as investors keep their eyes on Europe and some economic reports on the domestic front. Oil futures are at $84.09 up $.82 while Gold is up $.40 to $1627.00.

The Federal Reserve meets for two days starting today. They will most likely ease monetary policy according to Goldman Sachs. The Federal Open Market Committee will likely buy assets such as mortgage back securities and U.S. Treasurys.

Home-building permits are at their highest level since 2008, and builders seem optimistic about the next twelve months. However, both housing starts and building permits are about half the 1.5 million level usually considered healthy.

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At the time of posting, the DOW is up 93.28 to 12,745 as investors grew more optimistic ahead of the crucial Greek elections on Sunday. Oil futures are up $.18 to $84.09 while Gold is up $8.50 to $1628.10.

There is so much turmoil in Europe. right now, it’s hard to know where you should focus. There are huge problems in Greece. , but Italy’s economic problems may be bigger. The country is just too big to bail out. European Union leaders have to get serious about creating a true political and fiscal union to prevent an Italian financial and banking crisis. If borrowing rates continue to rise, Italy would need extraordinary help from the European Central Bank to keep its debt market from collapsing, a move that could destroy the euro.

Factory production. shrank .4 per cent last month, the Federal Reserve. said on Friday. This is more convincing evidence that the economy is stuck in low gear.

At the time of posting, the DOW is up 111.90 to 12,608 amid increasing speculation that the Federal Reserve will step in with a third round of stimulus or quantitative easing. Oil futures are up $.68 to $83.28 while Gold is up $5.50 to $1624.70.

Trading on wall street is volatile ahead of the election in Greece this Sunday. The election could prompt a flight of money from the eurozone as policy makers prepare to protect their currencies and economies from an unwelcome influx. A victory by parties in Greece opposed to austerity attached to its second bailout will send the eurozone further into crisis, and may force Greece out of the euro.

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At the time of posting, the Dow is down 55.63 to 12,518 after weak sales were reported for the second straight month in May. Oil futures are down $.68 to $82.60 while Gold is at $1613.70 up $16.90.

Retail sales are down for the second month in a row and wholesale prices dropped by the most in three years. This makes action by the Fed more likely. Consumer spending had been one of the few key indicators showing improvement.

Housing prices rose for the second straight month but with large disparities between states with a high percentage of distressed homes and those without. In Arizona, for example prices are up 8.8 per cent annually because the inventory of foreclosures has shrunk due to a slowdowns in bank processing.

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At the time of posting, the Dow is up 110 to 12,524 after a Federal Reserve official said that he would support more efforts to grow the economy. Oil futures are up $.47 to $83.17. Gold is at $1613.70 up $16.90.

Oil prices continued to swing widely based on the latest news out of Europe. The fear is that the declining European economy will decrease the demand for oil. Also there are geopolitical factors at work. The U.S. has asked the big importers of oil from Iran to reduce their imports. Seven countries have sufficiently reduced their oil imports from Iran. China is the only major importer of Iranian oil not to have met the reduction targets called for by the U.S. Meanwhile, Saudi Arabia has been increasing their output to offset the drop in Iranian exports.