Afternoon trading has started to melt down to the opening lows on relatively low volume. Markets are flat and are expected to melt into the red before the closing bell. WTI oil is continuing to trend down towards it support and the U.S. dollar is sea-sawing sideways along with gold as investors are monitoring developments in Greek debt talks.
Here is the current market situation from CNN Money
North and South American markets are mixed today. The IPC is up 0.12% while the S&P 500 gains 0.09%. The Bovespa is off 1.38%.
$NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages.
BRUSSELS (Reuters) - Greece failed again to clinch a deal with its international creditors on Thursday, setting up a last-ditch effort on Saturday to avert a default next week amid fears of financial market turmoil.
WASHINGTON (Reuters) - U.S. consumer spending recorded its largest increase in nearly six years in May on strong demand for automobiles and other big-ticket items, further evidence that economic growth was accelerating in the second quarter.
ATHENS (Reuters) - When Greece's tax police squad raided a busy cafe-restaurant in an upscale central Athens district earlier this year, it discovered two cash registers and an elaborate system of issuing fake receipts -- at least 15,000 of them, over four years.
The Eurogroup meeting between EU finance ministers has broken up for the day and will reconvene on Saturday according to reports.
As noted earlier, Greece is now refusing to agree to the IMF's hardline stance on pension cuts and the VAT, while the IMF isn't interested in a deal that sees Athens escaping long-term fiscal reform by resorting to short-term, unenforceable solutions such as tax hikes.
As EU leaders convene for a two-day summit in Brussels (where it will be all Greece, all day, despite what anyone says), German Chancellor Angela Merkel now looks to be leaning towards drawing a line in the sand consistent with her finance minister, her lawmakers, and her central bank chief.
GERMANY'S MERKEL TOLD EU PARTY LEADERS THERE MUST BE DEAL ON GREECE BEFORE MARKETS OPEN ON MONDAY -PARTICIPANTS
MERKEL ALSO TOLD CONSERVATIVE EPP LEADERS "WE WON'T BE BLACKMAILED" BY GREECE -PARTICIPANTS
This marks a critical turn of events. Until now, Merkel had been relucant to fold under pressure from Wolfgang Schaeuble as the Chancellor viewed the geopolitical risks of Grexit as too great given the situation in Ukraine and recent friction between Europe and Russia including the extension of economic sanctions, an anti-trust suit against Gazprom, and the seizure of Russian state assets in France, Belgium, and Austria.
Now, it appears Merkel's patience has run out, and understandably so given not only the fact that sending a strong message to Greece is critical ...
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