Good morning, I hope you had a pleasant weekend because all hell is breaking loose across the rest of the globe. I personally went out boating and fishing with Andrea.

I can't even begin to summarize the global bonanza going on right now from Chinese being told the socialist system will save them from the market after the CSI-300 futures went limit down and the Shanghai Comp was down the most since 1996, the sentiment by the socialist media was said to have brought investors to tears when the People's Bank of China pulled out a double rate cut (the RRR and the Benchmark), which bounced the market for a moment and then the unthinkable, the socialist system couldn't save the market with the Shanghai Comp down -3.34%.

The Nikkei 225 was down nearly 3%.

Then Europe which saw Stoxx 50 futures were down -7% at the open until the Swiss National Bank showed China how a plunge protection team works as they bought Euros (EUR/CHF) selling CHF and $USD) which did stem the selling in Europe as a Greek Referendum for Julky 5th is scheduled which the country may NOT have the money to even pull off!

Greek Capital controls are in effect and a bank holiday to last the week with a desperate pleas from EU commissioner ("When things get serious you have to lie"), Juncker....


"The European Commission appealed on Monday to the Greek people to vote “yes” in a referendum on its international bailout, warning that a risk of the rupture of the European Union was real.

They report that Jean-Claude Juncker, the commission’s president, said: “I love you deeply - You shouldn’t commit suicide because you’re afraid of dying. You should say ‘yes’ regardless of what the question is.”

A “no” vote in the referendum “will mean that Greece is saying no to Europe,” Mr. Juncker said."

If you haven't seen the emotional plea, you have to check it out on YouTube, telling the Greek people there were no pension cuts in the bailout package, oh my what a week this promises to be.

By the way, some asked if I think this will delay the F_E_D September rate hike, I didn't, but we got confirmation from the F_E_D's Dudley this morning that September Rate liftoff is very much in play!

ES futures look like this after an initial hard dump...

 ES futures still down hard after futures opened down hard Sunday.

The EUR/USD after the SNB intervention in EUR/CHF which looked like this...

EUR/CHF SNB intervention to rescue Europe's markets.

We'll see what the charts look like as the cash market develops, but aren't you glad you have those core shorts in place.

Now to navigate this mess. It will be an exciting week, should be a very profitable one as well.