Well, this is the almost the last day that I get to look at my June parody of a motivational calendar, pictured above.
Now to the boring stuff. Rates are near the yearly high even though Greece has been given until Monday to strike a deal and avoid defaulting on their billion dollar payment due by Tuesday.
Rumors are also swirling that if no agreement is reached, a form of bridge financing may be struck in an effort to kick the can down the road a few more months. There is also talk of a multi agency bailout plan, which will be reviewed at tomorrow’s meeting. You know it’s bad if you have a meeting on a Saturday.
Global Bond yields continue to edge higher as investors move (though nervously) into riskier assets like Stocks. Nervously because China’s Shanghai Composite just suffered its biggest 1-day loss in 5 months. Chinese Stocks are seen as extremely over-valued as a large portion of the run up has been heavily financed by margin trading.