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Greece Restructuring May Open Dangerous Door

Greece, the story stock traders love to hate, is getting a lot of attention today. The talk is now changing from "the IMF is going to get involved" to "a restructuring is looking increasingly likely for bondholders."

What kind of restructuring? No one knows, but talk is that the IMF will give the loans at 3 percent and as a condition will ask or insist on a haircut from bondholders, or at the very least short-term debtholders will be forced to take long-term obligations.

This opens a dangerous door, and there is still plenty of room for more cuts and concessions in Greece.

Who’s sitting on all this debt? A bunch of European banks.

Earnings Season:

For the first time this earnings season, disappointments. From Nokia , to Baxter , eBay , Qualcomm , ABB and Credit Suisse all disappointed.

That was offset by generally positive earnings news from Union Pacific , Marriott , and AutoNation .

What's up with IPOs? 7 IPOs priced overnight, and 6 of them priced at the low end of the range or well below the price range. "Lower quality deals all being jammed out in a weak tape," one trader wrote to me.

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