Evening Market Briefing for June 25th

* ECONOMIC REPORTS: Germany Foreign Trade 1 AM CT; France GDP 1:45 AM CT; France Consumer Confidence 1:50 AM CT; EU Economic Activity 2:30 AM CT; Italy Labor Indicators 3 AM CT ; UK House Prices 5 AM CT; NZ looking weak.

* U.S. ECONOMIC INDICATORS: Helpful chart view.

* THURSDAY THEMES: Strong U.S. stocks; strong Treasuries (falling rates); weak U.S. dollar; strong oil and gold. Consumer Discretionary, small cap stocks strong. See excellent rundown.

* GREENSPAN ON THE CURRENT FED: He's warning of inflation.

* DISTRESSED REAL ESTATE: What some properties are fetching in California.

* DEBATE ABOUT REFORMS: Volker advocates radical change.

* RECESSION LOSING STEAM: Durable goods looked good.

* UPDATED LINKS: Warnings about 3x ETFs, interviews with top traders, and more.

* TOP STOCK PICKS: And lessons learned from them.

* GETTING RID OF TAX-EXEMPT BONDS: They're in the Obama administration's crosshairs.
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