A.M. Update

It seems the world's markets are on standby as they watch and wait for something out of the two Greek meetings today, one is already underway between the Greek Foreign Minister , Kotzias and his Russian counterpart in Moscow which is seemingly a lever to enhance the other meeting, more on that in a moment.

The other is the Emergency meeting of EU Finance Ministers today with Greece's Varoufakis vs the rest of the EU which has an all present doorstep call at 1530 GMT, a roundtable at 17:30 GMT and a press conference at 1900 GMT.

The Russian meeting has already produced some headlines such as Lavrov saying Russia will consider requests for Greek aid if Greece makes them and from Kotzias, Greece is willing to mediate between Russia and the EU.

Don't forget there's also the Minsk talks to try to bring about an end of the fighting in eastern Ukraine.

It is thought that the ECB and perhaps a few other "organizations" will try to keep the market steady as to not embolden the Greeks in negations should the market sell-off on news. Looking at ES overnight, that doesn't sound unreasonable.

ES is nearly flat with a slight dip lower, but the 3C charts look like risk is most definitely off, so perhaps there is support from "outside" interventionist like the ECB.

What a market day this could become between a controlling CB trying to stabilize the market as to not give Greece any advantage in negotiations and the Greek /Russian meeting on the same day designed to do nothing but give Greece leverage in negotiations.

This should be an interesting day and volatility on test headlines and real headlines could be sharp both ways, but as posted last night, it looks clearly risk off.