Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
The rejection of the Greek referendum and a massive stimulus action by China are not hitting all world markets as much as feared except in the area of oil.
U.S. crude oil fell over 7 percent to $52.53 a barrel, the lowest level since April. Brent crude, the world standard, fell over 6 percent to $56.50. The markets were hit with pressure from the Greek and Chinese situations plus Iran is preparing to flood the market after sanctions get lifted from a potential nuclear deal.
“Even without Greece, China’s stock market woes and Iran priming to hit the market with more barrels, the demand picture in oil has only been okay while the supply picture has been phenomenal,” said John Kilduff, partner at New York energy hedge fund Again Capital, told CNBC. “With these number of bearish elements weighing on the market now, the only thing of support has been the seasonal demand in gasoline, and even that will be going away soon.”
American stock markets were down after the Greek “no” vote but not as much as feared by analysts.
The Dow ended the day down 47 points or 0.3%. The S&P 500 as down 0.4% and Nasdaq was down 0.3%.
“There’s been no panic of any kind,” Paul Hickey, co-founder of Bespoke Investment Group told clients according USA Today. “The market remains faithful that the European Central Bank and other European institutions have done an adequate job firewalling the eurozone against Greece.”
The resignation of the Greek finance minister Monday is believed to have helped mute the impact of the Sunday referendum.
I think we are getting closer to a financial meltdown in the US. I Wilkerson’s Vision an Beyond, he saw European nations in monetary trouble and then Canada and the US and then the rest.