I disagree. Greece has been given assistance before. What have they done. Run up new debt and did few reforms. Inevitably Greece must pay for their economy based on flagrant government spending and a dead economy from it. Sure it is bad for everyone including Germany. In reality, the EU is right to cancel their bonds as collateral. Junk is not allowed to be collateral. This is just the logical conclusion of EU countries that beggar thy neighbor and demand endless bailouts.

Simply put, the fall in oil and instability will ripple down the food chain. This will lead to cuts in inventory and orders as people don't want to hold a lot of inventory that could be worth less tomorrow much like deflation discourages buying today and waiting tomorrow. This will take a toll on big diversified oil companies next.

Agreed. The final bull run was also ridiculous and somewhat artificial at best. I would not want to use today as any gage of future activity this week. Without a doubt, it shows the lack of conviction or direction and a bunch of trend chasers at the end of the day. I doubt if many even had a good reason why the market moved up as some said it was the Saudi's saying they wanted higher oil, some saying Greece was willing to negotiate a deal, and many who had no clue besides trying to be on the right side of whatever was happening.

The only correct thing to determine from today is, expect a lot more volatility.

I agree with your premise, however I'd also mention that casino stocks will also be hurt much like Macau has already been hit.

Although oil chain conglomerates will look ok this quarter as they munch on increased profits for plastics, gas and other oil related products, next quarter will be a drag on manufacturing, because no one wants to hold oil related products as prices fall in these as well. The disconnect will be narrowed and closed in some cases. That, or there will be a hoard of new oil processing companies trying to take advantage of the massive profits generated by the differentials.

I agree now is not the time to be buying. As for selling, it takes a strong event to crack the market, however, the Federal Reserve has little left to compel TBTF banks to get further exposed into it at this point unless they announce they have no plans on ever raising rates which is just about their only card left to trade. Rather, when they announce that, it's a giant sell sign because they have made themselves utterly clawless and have gotten actors in the market to bet based on word of mouth, and keeping in the good graces of their regulator (the Federal Reserve should be the last one to regulate TBTF banks) rather than economic reality.

Sounds similar to the old speeches about how coal was the lifeblood of England and prices would always rise to accommodate labor's unions demands. The simple fact is there is lots of oil in many places and way too much production. Alas, like coal which is still around, fortunately humanity gradually finds more efficient or more clean ways to get energy. This will make up a growing piece of the pie right as pretty much everyone finds there is oil in all the oceans and countries bordering the ocean. More than the Middle East and Russia currently have.

Last, the worst people to be holding the excesses are next in line to dump, the bankers turned speculators. Sadly, they currently are having a tough time dumping as inventories keep growing and places to store the excess has storage ships circling the Atlantic. This story is not over yet until the fat banker screams.

The Greek people are right that the ruling party has made a mess of Greece. Sadly, it is a bit too late in the game to fix it without pain and the party they elected wants to embrace all the ills of its former leader rather than move away from its bankrupt strategy of hollowing out the private sector and crating a whole class of unproductive bureaucrats, government run institutions, and putting the public sector on welfare checks.

Yes or perhaps corrupt as Jim seems to feel. Regardless, they are steering the economy off its traditionally capitalist course and adding very socialist structures to our economy. And yes, the grass is always brown in a communist system.

China's failure to make their currency free floating will continue to be a problem. For quite a while it was purposefully suppressing it. Now, perhaps it may swing the other way. Both cause problems managing, however they seem to contend a free floating currency is unmanageable by them.

The issue Tyler briefly mentions is that China wants to get into the currency basket if not try to be a second reserve currency which can't happen until they let it float. One whacky idea some posed is China making a reserve currency backed by gold which would cause problems for the US among others. Of course, why not just buy gold in the first place. Hmmmm.