9pm update - Greece will default, but never mind

US equity futures remain significantly lower, sp -33pts @ 2068 (intra low -41pts @ 2060). Most notable recent headline... the Greek banking system will be shut until at least Mon' July 6th... after the referendum vote. Yet... once the ECB cut the bank liquidity program... any vote is effectively pointless.


sp'daily5

Summary

We're set to open with one of the biggest declines in recent years...  but as ever.. the issue will be can such downside be sustained?

I see a lot of talk about whether some 'help' will appear to fund the IMF payment due on Tuesday... but that seems extremely unlikely.

The ECB have made it quite clear... if the IMF payment is missed, the bank liquidity program will be terminated.

.. and if that program is ended... the entire Greek banking system will instantly implode to ZERO.


--
Time for True Detective



--
back at 10pm