June is busting out all over, never more frighteningly so. Just when you think you’ve glimpsed the Antichrist in the latest headline, an even scarier civilizational menace takes shape in the news, whether it be local, national or global. With just three more days remaining in what has already been a cataclysmic month’s worth of interesting times, we may yet see a deal with the mullahs that will set the world on a path toward nuclear war. [This just in: Team Obama/Kerry reportedly has kicked the can even farther down the road.] Against that sensational backdrop, I am predicting the continuation of a very boring summer on Wall Street, where an orgy of greed, hubris and stupidity has shielded the multitudes from the encroachment of whatever rough beast waits to be born. ______ UPDATE (Sunday night): Index futures have opened with a steep plunge on the very unshocking news that Greece and its creditors have failed to reach an agreement. U.S. Treasury bonds have taken a corresponding leap higher, while gold, true to character, is up a piddling $9 at the moment. Yes, this is the beginning of the end for Europe’s grand experiment with a single currency, and deservedly so. However, although Greece’s impending financial collapse will reverberate globally in ways that cannot be predicted, don’t expect the markets to follow through on Sunday night’s selloff. After all, when was the last time those who make their living throwing Other People’s Money at the markets gave a rat’s ass about economic events happening in the real world — especially events as widely anticipated as this one? Tonight’s selloff is simply a knee-jerk reaction by trade desk bozos who know that their bozo counterparts at all the other firms will be doing the same — i.e., selling on the supposed news that Greek banks, fearing a run, will not open on Monday. What would be REAL news is the failure of U.S. banks to open on a Monday. That day is coming, just not now.
