Greece suffering from capital flight. At least the Greek stock market is up today. The FTSE/Greece is almost back down it's 2012 low.
How about Russia? Are they doing much better? Today the Russian Central Bank cut it's key interest rate by 2%, from 17% to 15%. Just last month the Russian Central Bank raised it's key rate to 17% from 10.5%. The Russian Central Bank must be getting pressured from Putin to ease. The fall in the ruble has been staggering.
It's no wonder S&P futures are down -0.5%. Oil is up today so far. That's one positive. Looks like today is back to geopolitically driven volatility. The S&P has had several 2+% intraday swings over the past month. This increased volatility is a bearish cue.
Michael Grove, CFA