Emerging Money Audio Call June 30 - Quarter end for equites is a sideshow to Greece and the day after markets plunged around the world.  The first -2% move in the SPX in over 120 days yesterday  being put into perspective today but not major fall in volatility. 

Phone AudioHeadlines remain unclear out of Greece.  China rallied hard last night and while we would not argue that Chinese valuations offer value we do think that the liquidity dynamics of the local market will not change in the immediate future. 

We think trading the local index will be a rough ride but we would not be positioning our global portfolio on the back of China volatility and fears of a bursting equity bubble.   See our note today on the site regarding policy moves and relationship to the equity markets.

Dollar rallying today makes more sense than selling off yesterday did.  We refresh our views on trading macro currency and rates markets.

EM bounces off the $39.00 level on the $EEM and has shown an outperforming bent in the last three sessions after a disappointing run of underperformance in the previous 6 weeks.

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