The Market On Monday

Good morning and welcome to Monday. It is 56 degrees and cloudy here in Upstate NY. The weather forecast is pointing to rain with spots of sun. One might suspect that it will be a rainy Summer. We really could use some sunlight around here. But nature has something else in mind, perhaps we need more lush vegetation in order to produce more oxygen and to purify CO2. Who knows...

At 8:20 a.m. futures are significantly lower, the dollar is up, and oil is down.

It is going to be a bloodbath today. Equities will take a large hit.

All fingers are pointing to the Eurozone with usual suspect Greece now in junk bond status and Italy just a few short rungs better.

Its a good day to not look at the stock market and bail water out of the basement. As they say, always count your blessings and if you are reading this its guaranteed you have many.

CNN: Stocks set to slide on eurozone worries

On Friday, rating agency Fitch cut Greece's credit rating by three notches to "highly speculative," putting it in junk bond territory. In addition, Standard & Poor's slashed Italy's outlook to negative from stable.


"The eurozone is in focus today, and the worry is that this [debt crisis] is going to drag on and on, and that we may be at risk of a Greek default..."


Oil for July delivery fell $2.50, or more than 2%, to $97.60 a barrel.