Flight to quality day: The U.S. market, when it opens on a down day, will usually stabilize after 10am ET. That didn't happen today, it just kept dropping, which encourages more shorts.
You can argue that this is because the head of the Left Coalition in Greece outright rejected the bailout deal (he has said this before) and called for an international commission to investigate whether Greece's debt deal is even legal.
Regardless. Up: US Treasurys, German Bunds, US Dollar, Swiss Franc.
Down: Australian dollar.
Commodities weak: Goldman Sachs Commodity Index at a low for the year.
Gold is lower. Gold is not a "risk off" trade. It's lower because of slower global growth, and there is less of a need for gold as a hedge for inflation.
Market leader (retail) breaking down.
Most important is the move in the VIX futures. I have often noted that the spot VIX is not as important as looking at VIX futures out several months. There are days when the spot VIX moves, but the futures do not.
Today is a little different. The futures contracts are moving, though not dramatically, but the move is worth noting.
VIX Curve:
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