Required Reading Of The Day

Apple’s Share of Smartphone Industry’s Profits Soars to 92% WSJ

The Unaffordable Care Act WSJ

Fmr IMF Chief: Latest Greek Proposal in Line with Creditors’ Demands- Fox Business

U.S. Treasury’s Lew Encouraged by Progress in Greek Talks – Fox Business

Portents of World Cyberwar WSJ

Good and Bad For The Week


  1. Bulls showed up and defended longer term support (200 DMA)
  2. Crude oil plunged 13% in the past two weeks. Good because it lowers costs and bad because it signals weaker demand



  1. China has to interfere in markets to stop them from going down
  2. Greece remains in limbo. Another deadline set for Sunday. Third week in a row we have a big news event over the weekend from Greece
  3. The PMI Services Index slowed in June to 54.8, missing estimates for 55.1
  4. The ISM service index held steady at 56.0, matching estimates for 56.0
  5. Jobless claims rose 297k, missing estimates for 276k
  6. Crude oil plunged 13% in the past two weeks. Good because it lowers costs and bad because it signals weaker demand
  7. Technical “glitches” surged last week. United Airlines flts were grounded, the NYSE shut down, was offline, and TD Ameritrade had ‘widespread’ problems executing orders

Chart Of The Day: Free Markets Anyone?

Here is a brief sample of some of the measures the Chinese government and the PBOC have unleashed in just the past ten days to prop up the crashing market include:

  • a ban on major shareholders, corporate executives, directors from selling stock for 6 months
  • freezing more than half (1400 at last count per Bloomberg) of the listed companies from trading,
  • blocking fund redemptions, forcing companies to invest in the market,
  • halting IPOs,
  • reducing equity transaction fees,
  • providing daily bailouts to the margin lending authority,
  • reducing margin requirements,
  • boosting buybacks
  • endless propaganda by Beijing Bob.

The measures are summarized above.

Now this is just a comedy act!

One country has to arrest people if they sell short, stop people from selling and prop up markets with borrowed money.

Another country is proposing getting a huge loan to pay off a huge loan with both lenders and borrowers admitting the bucks will never get paid back.

And our country, the one with $18 trillion of debt, who is heading towards the same socialism that is killing the other countries is considered the adult in the room and the sane one.

Ladies and gentlemen, as usual, we will have our award winning, over-the-top, in-depth report on the markets over the weekend but as of this second, our only thought is: SURE…THIS WILL END WELL.

Another gap to the upside this morning after yesterday’s disappointing sell-off from the same type of upside gap. Anyone have a guess about today? We don’t!

You may just want to listen to yesterday’s radio show as I take off the governor on what I am seeing and what I am thinking!


How Puerto Rico’s Debt Levels Compare With Those of U.S. States


IMF Sees 2015 Global Economic Growth at Weakest Rate Since Financial Crisis

Required Reading Of The Day

99.999% Reliability, a Relic of the Past? – WSJ

Jeb Bush Defends Comments on American Work Ethic – Fox Business

China’s President Faces Rare Backlash – WSJ

Procter & Gamble Agrees to Sell Beauty Businesses – WSJ

More Fortune 500s Shift to NASCAR – Fox Business

Kerry Indicates Iran Nuclear Talks Will Take More Time – WSJ

Yahoo Retools Fantasy-Sports App – WSJ