* Global stock markets got beaten up overnight and the carnage continued here in the U.S.

* Dow Jones down 350 points by closing bell - biggest point loss of the year

* NASDAQ down 122 points

* Possible Grexit sparked sell off in FOREX markets

* Banks in Greece closing, sending masses to the ATM machines

* Euro ended up closing near the highs of the day - nearly to $113

* The dollar was weak all day against the Yen and against the Swiss Franc

* There was no safe haven move into the dollar - gold up

* The dollar lost considerable ground against the euro

* Another confirmation that the dollar's rally is over

* My newsletter released today does a good job comparing the U.S. vs global markets

* The U.S. did well against the international market from 1996 to 2000

* In 2008 the U.S markets went sideways and the markets I recommend skyrocketed

* We have been in a period similar to '96 - 2000 and now we are about to see returns even greater than the 2008 gains in our markets

* Regardless of the direction that Greece goes in this weekend's referendum, the dollar is going down against the euro

* Puerto Rican governor finally admitted the obvious - repaying their debt is impossible

* Puerto Rican debt is a fraction of the U.S. national debt

* If it is mathematically impossible for Puerto Rico to pay their debt, why does anyone think the U.S. will be able to eventually pay off its debt?

* The only way we can pretend to pay our debt is for the Fed to do it for us by creating inflation

* This is yet another reason why the Fed is not going to raise rates in September

* We continue to get recession-like economic data, despite the fact that the Fed is still optimistic

* The Federal Reserve is looking for an excuse to not raise interest rates

* Maybe the situation in Greece will provide that excuse

* Maybe it will be the volatility in China

* "External problems" are providing an excuse to not raise rates

* It is important to point out that Puerto Rico would not be experiencing such insurmountable debt if it were not for U.S. policy.

* Puerto Rican debt has seemed attractive with its high yield and triple-tax-exempt status

* Zero interest rates from the Fed, on top of high yields, have caused the debt to seem safe, even though mathematically it cannot be paid

* People may begin to wake up when they realize what's going on in Puerto Rico and that may become an even bigger problem than Greece


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