(as of 7:00 AM PST)
A big reversal today started yesterday afternoon. Frustration on the lack of progress in the Greek financial talks is showing up in a big market downturn in Europe that has extended to a triple digit loss as the Dow opened this morning. There is also a hint that there might be contagion risk from a Greek exit from the Euro with Italian and Spanish bond yields spiking. The US dollar is on the rise pulling most commodities down including oil and gold. Oil is getting hit especially hard since Saudi Arabia has increased oil production, trying to put more 'frackers' out of business and resolidify their dominance in energy markets. Economic news is limited today and nothing market moving is on the wires yet. Usually markets recover as the day wears on, but watch out for complacency and the potential for a hard fall.
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