MORNING COFFEE

Stock Market goes Crazy. It happened in a span of about five minutes yesterday, the Dow fell more than 550 points to a total of nearly 1,000 points, wiping out $700 billion of stock market value at the market's low and marking the Dow's largest intraday percentage loss since 1987. Several factors led to the decline.  The markets had been of due to riots in Greece and concerns about Greece’s debt problems spreading to other countries. Then within seconds the markets started to fall off a cliff.  Some are pointing the finger at Citigroup (C) and a possible trade error were a trader entered an order to sell 1 billion shares instead of 1 million shares that set off the rapid decline.  Citigroup denies any trading errors.  

During the rapid selloff there was some strange activity in specific stocks. Proctor & Gamble (PG) $60.75 -2.26% shares fell over $20.00 in less than a minute to $39.37.  Accenture (ACN) $41.09 -2.6%, Boston Beer (SAM) $55.82 -0.7%, CenterPoint Energy (CNP) $13.88 -3.5%, and Exelon (EXC) $41.86 -4.2% all hit nearly zero shortly before 3:00. Sotheby's (BID) $33.00 -5.6% rocketed higher, its shares briefly spiked to $100,000. The markets were able to make up a majority of the losses by the end of the day but still closed lower. Dow 10,520.32  -3.2%, S&P 1,128.15   -3.2%,  Nasdaq 2,319.64  -3.4%.

G-7 Meet to Discuss Greece. The G-7 will hold a conference call today to discuss the Greek debt crisis. The call indicates leaders of the G-7 see growing risks to the global economic recovery, and contagion worries within the EU.  Later in the day a Eurozone summit is scheduled where leaders will finalize the Greek bailout plan.

·         Futures: Dow +0.7%. S&P +0.9%. Nasdaq +1.1%. Crude +0.9% to $77.82. Gold +0.45% to $1202.70.

·         Asia: Japan -3.1% to 10365. Hong Kong -1.1% to 19920. China -1.9% to 2688. India -1.3% to 16769.

·         Europe: London -0.3%. Paris -1.8%. Frankfurt -0.6%.