MONDAY 7/6/15; Greece Votes “No” to Austerity; Greece Referendum Creates Global Stock Market Selloff; Aussie Dollar Below 0.75; Greece FM Varoufakis Resigns; Copper and Oil Collapse; ECB Meets for Key ELA Decision; PMI Services; ISM Non-Mfg Index

At 7 AM Monday in Tokyo (1 AM Monday in Athens; 11 PM Sunday in London; 6 PM EST Sunday evening in the States), PM Tsipras talks to the Greek people saying he will return to the negotiating table with European creditors to strike a deal. Tsipras is calm, collected and confident not boasting about his victory. Tsipras strikes a conciliatory tone saying “There are no winners and there are no losers.”

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.............. legacy is the rise of the radical ISIS Islamist movement, the Holy War where the Islamic State is trying to eliminate Christians and Jews from the planet, and the reigniting of the 1400-year conflict between Shiite and Sunni factions. The Middle East and north Africa is a mess. The US no longer has the influence it once had in the region. Saudi Arabia will pursue the development of a nuclear bomb creating an arms race in the Middle East. No president wants these dire events to occur on his watch.

Amazingly, traders are programmed to believe in the Federal Reserve’s easy money policies and geopolitics are ignored. A decade or two ago the geopolitical turmoil would have a far greater negative impact on the stock market. In the present, investors know the central bankers will always goose stocks higher by printing money so there is no reason for fear or worry (think of this behavior from a contrarian perspective).