(as of 7:00 AM PST)
While some pressure has been released with new hopes for a solution to the Greek financial dilemma, China has moved to the forefront of potential disasters and markets are down heavily in the US as a result. The Chinese stock market is collapsing with Shanghai down over 30% in the last few weeks. Many stocks have been halted. Up to 40% of issues are not trading. The Chinese government is trying desperately to stop the crush of selling to no avail. In fact, Chinese government intervention might be worsening the panic that is China. It is very ugly and rippling to US markets. Europe is on the plus side with new proposals being presented to keep Greece afloat. Oil has stabilized after dropping a massive 8% yesterday on fears of an economic slowdown coupled with potential new supplies hitting the market from Iran. Gold is up slightly after several days of declines. There is not much to like on the global economic scene. Hopefully the start of earning season today will bring new life to stock market bulls although analyst projections are calling for a year over year decline in corporate earnings for the first time since 2009. Perhaps a Greek solution might be the catalyst to turn this very depressing market around.
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