Counting Down To Terror On Wall Street.

9:30 AM at the NYSE is looming.

Despite the assurances of the talking heads that it wouldn't happen the contagion from the Greek default has begun. Several Italian bank stocks opened down limit and others did not open at all as bond holders began dumping Italian and Spanish debt overnight.

The Chinese markets remain precariously unstable.

Gold and silver futures remain languid after a short but sharp rise on opening is Asia. A sign of growing desperation? Perhaps. Hard to say just yet where the bond dumpers are putting their cash just yet. If the are turning to PMs it wouldn't be the first time the J.P. Morgans of the world issued paper against assets they don't own. The question won't be answered until issues come due.  Will they roll or demand physical or continue to take massive bribes to roll. Depends on how nervous they get over the next week.

One thing is certain. Never underestimate the Central Banks power to extend and pretend.