10pm update - overnight chop

US equity futures remain very weak, sp -29pts, we're set to open at 2072. Across in Asia, the Japanese Nikkei is -400pts (-2.0%), whilst the Chinese Shanghai comp is seeing some strong swings, from +1.5%, to -2.0%... but currently flat.


spdaily5

Summary

*commodities are mixed. Gold +$7, whilst Oil -1.4%.
--

Well, its getting kinda late.. and I'm starting to fade... unless there is a dramatic move one way or another in the next hour or two... I'm calling it a night.

Goodnight from London
-

*back at the Monday open... although for me, that means the first post sometime around 8.30am EST

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

8pm update - awaiting Asia to open

US equity futures remain significantly lower, sp -34pts @ 2067 (intra low -41pts @ 2060). Asian markets are in the process of opening. China looks vulnerable to falling <4K, despite a cut in rates and the bank reserve requirement.


sp'daily5 - anticipated open.. via futures

sp'weekly'2, rainbow

Summary

Sustained action under the lower weekly bol' - which will be around sp'2060 at the Monday open, will be difficult.

Here is a major problem though for the bull maniacs. It is not like Greece are going to pay on Tuesday.

Regardless of any intraday bounce tomorrow....the week looks pretty damn rough....
..
awaiting Japan... and then China....
-

8.10pm.. Major update...

Greek govt' state the banking system will be CLOSED until July 6th.


NO BANKING until after the planned referendum!

As things are.. I'm somewhat sceptical they'll even bother with the public vote, if the ECB do terminate the liquidity program.

With no ECB help..... its game over.