06Jul2015 Pre-Market Commentary: GreekNado, Oh Hell No! Asian, European And U.S. Stock Futures Down Sharply, Oil Off 3%


Written by Gary

GreekNado, oh hell no! U.S. stock index futures fell this morning after Greece rejected debt bailout terms yesterday, throwing the future of the country's euro zone membership into further doubt.

Investors will be selling off riskier assets today, although the declines will be muted compared with a week ago on increased hopes for a deal.

Markets are expected to open lower with a distinct possibility of recovering sometime before noon.

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What We Read Today 05 July 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary 'reading list' which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for 'reading list' items are gratefully reviewed, although sometimes space limits the number included.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).


Every day most of this column ("What We Read Today") is available only to GEI members.

To become a GEI Member simply subscribe to our FREE daily newsletter.

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 more features, analysis, studies, and news published in the last week

What's Next for Greece?

by Constantin Gurdgiev,

With over 75% of votes counted in the Greek referendum, 61.6% of the votes counted are in favour of 'No'.

So what's next? Or rather, what can [we speculate] the 'next' might be?


Infographic Of The Day: Dust Cloud Around The Moon

Researchers studying data from the LADEE (Lunar Atmosphere and Dust Environment Explorer) spacecraft have discovered that the airless moon is surrounded by a thin, asymmetrical dust cloud caused by the high-speed impacts of dust particles from comets.

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Video of the Day:

Conservative German MP stated in part that Greece will never be able to pay back her debts, because this would require an economic growth of more than ten percent per year for decades.

video of day picture

FOREX NEWS by DailyForex

Safe Haven Drive Pushes Yen Higher

In the wake of Sunday’s NO vote for a new Greek bailout, currency traders flocked to safe haven currencies as uncertainty continued to escalate.

Turkeys Vote For Christmas

The Greek people have decided to reject any deal with the creditors that might have further austerity linked to it in a referendum which has been criticised for being too hastily (and unnecessarily) called and was viewed as confusing and ambiguous even in Greece.

Forex Week in Review

Last week saw the financial world in uncharted waters with the sovereign default of Greece and a referendum to be held which external observes say will decide the fate of the nation (and its government) within the Eurozone.

Greeks Vote an Overwhelming 'No'

The vote is in and the Nays have won. Greece went to the polls Sunday and overwhelmingly rejected any terms of a rescue package from its creditors.

Greek Votes “NO”; Grexit Possible

Official results from today’s voting in the Greek Euro bailout referendum have just been released, very strongly indicating that the final result will be a fairly comfortably win for the “NO” camp.
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Insider Trading 03 July 2015: Insider Buying Tripled

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Greece Illustrates 150 Years of Socialist Failure in Europe

by Patrick Barron,

Greece cannot pay its debts ... ever. Nor can several other members of the European Union. That's why Europe's elite are loath to place Greece in default. If Greece is allowed to abrogate its debts, why should any of the other debtor members of the EU pay up? The financial consequences of massive default by most of the EU members is hard to predict, but it won't be pretty. Europe has built a financial house of cards, and the slightest loss of confidence will bring it crashing down.


by Asif Suria

Insider buying almost tripled last week with insiders buying $140.28 million of stock compared to $57.81 million in the week prior. Selling on the other hand declined with insiders selling $355.34 million of stock last week compared to $870.92 million in the week prior.

A majority of the insider purchases this week were related to David Einhorn participating into a secondary offering by home builder Green Brick Partners (GRBK) to the tune of nearly $85 million. Mr. Einhorn, Greenlight Capital and various other related entities now hold 24.13 million shares of Green Brick Partners. Insider selling was muted, as expected, on account of the start of earnings season.


 USA economy at a glance (boxed items are updates in last 7 days)

Fed's Balance Sheet 01 July 2015 - Levels Fall

Total Fed Balance Sheet:

Fed's Balance Sheet week ending balance sheet was $4,440 trillion..

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