Ugh! Even if the U.S. markets are holding up better than Europe, it's still awful: the Dow ended down 10 out of 12 days. That is an ugly start to May.
Gold collapsing, crude collapsing, Treasurys keep rallying — everything is saying risk is very high. Greece has turned from a tail risk into something real.
Sure, there's still hope to stop the bleeding — but we need to change the headline on Greece! We need something like "austerity for a Greek bailout Part 3."