The biggest story of the day is the crashing of the Shanghai equities markets. If it continues, this could have enormous repercussions for the world economy.

Early today gold slipped into the mid 1150s, a testing ground for lower prices. However, in afternoon trading, gold has come off those lows and is trading in the mid-1160s, off $4 to $5.

In the run-up to default, Greek government negotiators kept hoping they could pull to an inside straight, the hardest hand in poker to nab.