MorningWord6/18/12:ThebuildupintothispastweekendselectioninGreecegotmethinkingyesterdayaboutaKinksclassic,This?

TimeTomorrow:

Thistimetomorrowwherewillwebe?

Onaspaceshipsomewheresailingacrossanemptysea

Thistimetomorrowwhatwillweknow?

Wellwestillbeherewatchinganin-flightmovieshow

Illleavethesunbehindmeandwatchthecloudsastheysadlypassmeby

SevenmilesbelowmeIcanseetheworldanditaintsobigatall

Yesterdayafternoon,asIcontemplatedthenarrowvictoryforNewDemocracy,Ihadahardtimelookingbeyondwhatwastobeacertainopeningpopinovernightfuturesandfiguringouthowafterthelateweeksurge,equitieswouldbuildevenmoremomentumonwhatwillattheveryleastbeclassifiedasanuncertainoutcomeforthefutureofGreece?

Asof9:10am,theSPfuturesaredownabout1。

25%fromtheopeningtickandpracticallytradingatthelowsofthesession?

AsianindiceisweretheprimarybeneficiariesofthenewswiththeNikkeiclosingup1。

77%andtheHangSengup1%(possiblyplayingcatchuptoourstrengthonFriday)。

EuropeanmarketshavebeenonabitofarollercoasterrideastheDAXisnowflatonthedayreversingallearlygains,theEuroreversedloweroffoflevelsnotseensinceMay22nd,and?

yields?

ontheSpanish10yearareblowingouttonewalltimehighs,wellabove7%。

InhisMacroWrapthismorning,Enisvery?

succinctly?

laidoutwhathedeemstobesomewarningsignsforglobalmarkets,thathaveverylittletodowithyesterdayselectionsinGreece?

Weseestormcloudsmassingoverhead,andwewanttotrytoseparatetheforestfromthetreesabitasweheadintotheendofthesecondquarterandwhenU。

S。

corporateearningsshouldstarttotakefocus?

ButfirstwewillhavetogetthroughacoupleofdaysofspeculationastowhatsortofstimulustheU。

S。

FedislikelytodroponusattheirmeetingWednesday?

AnythingshortofanextensionofTwistwilldisappointequitiesinouropinion,andfranklyafterBernankesspeechtocongressacoupleweeksbackitdoesntseemthatlikelywiththeSPXaround1340,upnearly7%ontheyear。

Soto?

answerthe?

poignant?

questionsThisTime?

Tomorrow,wherewillwebe,andwhatwillweknow?

Unfortunately?

theanswerishardtoswallow,butmuchlessthanbullshadhopedforyesterday。

darjeelinglimitedkinks?