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THE CHOICE !!!!!!!
Chaos In Greece Triggers Major Turmoil In Global Markets
With the dollar trading lower on the heels of continued chaos in Greece, today a legend in the business sent King World News a powerful piece discussing the turmoil in global markets being triggered by the ongoing Greek tragedy.
From Art Cashin's notes: Overnight And Overseas – While all eyes are on Greece this morning, perhaps we should also keep an eye on China and Iran. The PBOC cut rates and reduced reserve requirements. In response, Shanghai went on a roller-coaster but ended up down 3.3%. Next couple of days could be critical. The official Iran nuke deadline is tomorrow. That looks impractical but there are limits to how far the can can be kicked.
Greek situation brings some moves that seem odd at first glance. Euro pares losses quickly as folks realize the Euro would firm ex Greece and also on a sigh of relief resolution. Yes vote could bring Tsipras resignation but who would commit the political suicide of implementing austerity.
Consensus – Markets move off the initial extremes as traders sort through pros and cons. Standard script says open down, circle the wagons and try to rally. While Europe is open, US may take lead from there. I think China may be more important than Greece. Stick with the drill – stay wary, alert and very, very nimble.