They did it! It’s the antithesis of logic; perhaps it’s a winning strategy. However, in a matter of hours, the people of Greece will know about medical shortages, food shortages, and empty ATM machines. For now, they just know a form of national pride that is awkward in the sense where it seems completely misplaced. The country borrowed billions to live a life of comfort and contentment and now they simply don’t want to repay.

I never thought it would come to this, but maybe it is a great test. The markets will be hammered this morning for sure. Nonetheless, it is the kind of shakeout markets need from time to time.

Today’s Session

Despite the “No” vote, there is hope a deal will be reached which I agree with as the pain mounts and food and medicine becomes less available. In fact, I suspect one reason stocks rebounded a little from the worst pre-opening downside is the resignation of Varoufakis – the belligerent Greek finance minister. Still, this is uncharted territory and the markets will react the way they do when there is a large cloud of uncertainty.

In the meantime, keep an eye on China where officials are trying to put the brakes on a sell off that’s loped $3 trillion in market value in three weeks.

Could Greece and China be an updated version of Lehman and Bear Stearns? I don’t think so, but over the last few weeks we raised cash and we’ll proceed with caution. By the same token, big dips have been amazing money-making opportunities.