The big macro can cause big moves in the market. What does today's headline macro news mean for your portfolio?
What's happening: Steffen Seibert, the spokesman for German Chancellor Angela Merkel, said that while there will be a plan to combat the European Union's fiscal problems introduced next week, it won't be a quick fix. Specifically, he said, "The chancellor reminds [everyone] that the dreams that are emerging again, that on Monday everything will be resolved and everything will be over, will again not be fulfilled."
In plain English, please: Is the chancellor hoping to play a little "under-promise and over-deliver"? Or is she simply trying to bring hopes in line with reality? Either way, it's quite clear that she's making a strong effort to manage expectations for what will happen when EU policy leaders get together on Oct. 23 to introduce a regional rescue plan.
With the S&P 500 Index
Stocks to watch: Because this is such a massive issue affecting the global economy, the views on the EU crisis and the ability of the region's leaders to put together a workable plan that will avoid a massive blowup could be said to affect a high percentage of the publicly traded companies around the world and certainly has the power to move the indexes. However, banks will be particularly sensitive to this issue, so the stocks of regional banks such as Bank of Ireland
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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.