by Graham Summers, Gold Seek:
Stocks are rallying today because of:
1) Hype and hope of a Greek deal
2) China has stopped trading of 49% of stocks and threatened to arrest anyone who is short-selling the market (talk about a backstop!)
Regarding Greece, no deal has been made. Greek PM Tsipras has submitted a proposal for a new deal… which is almost EXACTLY the same as the deal that 61% of the Greek population rejected via referendum last week. Tsipras has completely backed himself into a corner. He used up a lot of goodwill with EU officials when he let Greece to default by staging a referendum for Greek voters AFTER the due date on Greece’s debt.
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