We will have a  delayed start to commentary and trading while we assess several events in the news. The premarket opened considerably down, but has gone up since shortly after the start of heavier pre-market trading on many exchanges at 8:00 AM. This is indicative of the kind of volatility we can expect through the morning, so we will lay low until 10:30 or 11:00. I will not be available for questions or commentary until then.

 
I am not extremely concerned about Greece. I believe that the Eurozone leadership's threats to allow an "orderly bankruptcy" are just posturing. Too much damage to German and French interests would be incurred by a Greek default. They are simply trying to get everything they can get from Greece in austerity commitments before the inevitable bailout. In addition, I believe this talk will not last long - the Eurozone leadership knows that the markets won't stand for it.