by Calculated Risk on 2/08/2015 08:59:00 PM

From the WSJ: Air of Optimism Pervades Athens Even as Country Heads for Showdown in Brussels

The defiant, antiausterity position taken by the just-elected government toward Greece’s creditors has given new hope to many Athenians, even those who didn’t vote for the leftist Syriza party, which came out on top in last month’s election.

“People in Greece had to deal with so many difficulties during the last five years that they now feel they have nothing to lose,” says Chrysa Stratou, a 52-year-old psychologist. “The only thing left for Greeks is to battle.”

Elsewhere in Europe, the Greek government’s firm rejection of the terms governing its bailout has been met with a mix of consternation and outright hostility.

Austerity has failed (obvious to almost everyone), and anything else is welcome.  I wrote several years ago that austerity wouldn't survive for too many years in a democracy.

Monday:
• At 10:00 AM ET: the Fed will release the monthly Labor Market Conditions Index (LMCI).

Weekend:
• Schedule for Week of February 8, 2015

• Best Private Sector Job Creation "Ever"?

From CNBC: Pre-Market Data and Bloomberg futures: currently S&P futures are down 8 and DOW futures are down 60 (fair value).

Oil prices were up sharply over the last week with WTI futures at $52.34 per barrel and Brent at $58.20 per barrel.  A year ago, WTI was at $97, and Brent was at $110 - so prices are a little less than 50% year-over-year.

Below is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are around $2.18 per gallon (down over $1.00 per gallon from a year ago).  If you click on "show crude oil prices", the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.

Orange County Historical Gas Price Charts Provided by GasBuddy.com