By Richard Russell
The prevailing worry is about whether Greece will or will not exit the euro. From the stock market’s standpoint this is a nonevent. The only ramification would be if Greece left the Eurozone and this set off a parade of followers such as Portugal, Spain and even Italy.
Personally, I am much more worried about the building bear market in China and the planet’s second largest economy sinking into a recession … there is no telling the ramifications. One immediate result would be less movement of goods, and this may be showing in the Transports.
At the close today, Industrials were higher by 93 points and above the big number of 17,000. Transports closed up 100 points, above 8,000, and the Nasdaq close up 5 but just below 5,000. Gold was down $14 to 1155.8 and silver was down 0.74 to 15.02.
Again, I repeat that China is what worries me. The “polite” part of China’s bear market has already occurred. What ... Log in or subscribe to continue reading.