All morning we’ve been covering the collapse of the Eurozone.
Markets are down across Europe, and bond yields are blowing out. Spain had an ugly 10-year debt auction, bringing yields close to that magical 7%.
US futures had been holding up in the early going. At one point, S&P futures were pointing to a 0.5% gain. But that’s all been erased now. The Dow is currently heading for a 70 point loss.
One interesting thing that just happened: Gold just tanked, which is one of those things you see when a liquidation happens, and all anyone wants is the currency to pay their bills.