Last three years. An intriguing session in shanghai. The composite staging a huge comeback after a volatile trading session. Hong kong shares in the red. We have Ralph Acampora. European banks taking a hit as the future of greece and the euro zone hangs in the balance and well look at the true cost of a greek bailout. Meanwhile, gopro unveiled its smallest camera ever. The stock is not getting a lift on that news. Well hear what Ceo Nick Woodman has to say. You can carry all these things around. You put your phone up here too . No i dont. Crude oil in a tailspin. Jackie deangelis live at the nymex. Good afternoon. We saw oil shed 4. 40 to finish the session at 52. 53 selling pressure intensifying as we got towards the close. You mentioned demand. The situation in greece pushing us over the edge. Here in the United States gasoline demands falls off after the fourth of july weekend. You have the perfect storm to go lower today. We are also watching Nuclear Talks with iran. We know from secretary of state john kerry that genuine progress has been made but that there are some hurdles that the powers need to cross before framework is drawn together. We are watching the dollar on the back of whats happening in greece strengthening today. Traders anticipating to see more Dollar Strength which could pressure crude further. The question at this point is is this the crack in crude that everyone has been expecting for the second half . Right now consensus telling me we are probably headed lower from here. How much lower is the question. Are the guys on the floor trying to identify a support level at this point . At this point they are saying it could be height 40s. It could be the low 50s. Nobody is talking about a three handle just yet. When it comes to gas prices we probably will see that trickle down and see a decline. Pain at the pump we usually rise fast. Takes a little bit longer to see those declines. I would say high 40s is what they are talking about here. Lets get to china today. There were extraordinary measures to help support the market but the shanghai closed only higher by about 2. 4 . Shenzhen down 36 in three weeks. They try to stabilize the economy and markets. Joining us to discuss is jeff reeves from investor plays. Com. They are adding liquidity but you still have declines here. What do you make of what is going on there . I think its simply animal spirits is a crisis of confidence. This simply wasnt sustainable. What weve seen is a bunch of banks and brokers team up to try to create their own fund to prop up the market and provide a comeback rally. A story bloomberg put out correlated to the 29 crash. You have black monday everythings mayhem. Jpmorgan put a bid on the market to stabilize things and the bottom drops again and 34 down from there. We are seeing a little calm right now. Its not going to be a Straight Line down but there is more pain to come in china. Its a sentiment thing. There is mistrust and fear. This is also going to be a great column andrew brown wrote in the journal where he went to chinese shops where guys are day trading. Asked them about the market. They said it will go up because this is a market with chinese characteristic characteristics. Do you think consolidateing its power will do something more to prop it up . I think they will do something to prop it up. Its not just a crisis in confidence in the market. We have a boom and bust cycle where there are booms and bust. We can blame it on goldman or speculators. In china, beijing is responsible for the boom and responsible for the bust. The government are the bankers in china. They cant to let this get worse. Its not just a question of shortterm sentiment. Thank you so much for weighing in. Appreciate that. Thank you. Now to the other big story. Greece. Our chief International CorrespondentMichelle Carusocabrera close to getting her green card over there. In athens with the latest developments. The big headline is that the greeks voted no yesterday. We learned what the European CentralBank Decision was. We knew they would meet to discuss what to do about greek banks. First of all, the ecb put out a press release. Theyve been having meetings to discuss the greek banks. We had dont word when they were happening and what the outcome was. They wanted to tell the world what they were going to do. They said they would not increase the liquidity to greece. That means there will not be more cash shipped into the country or printed on the press that is here to get more cash into the atms here in greece. That means the lines will continue. It could also mean actually they run out of physical cash notes within the next couple of days. There will be no more money to get. The other thing European Central bank said was they had adjusted the haircut. This is a central banking term. What this means is greek banks when they bring collateral like mortgages or any assets they have to the European Central bank for cash in the old days they would have gotten more cash than now. They will now get less cash to fund themselves. It makes more difficult to run. We presume the level that was changed was not so debilitating that it would cause the banks to shut down completely but still its a signal to the greeks that the ecb will get tighter and put more pressure on them. Greeks on the ground wont feel a difference because its about the cash in the system. That has not been adjusted at this point. Back to you. Judge, there was a striking interview where he says europe needs to call and come to some debt relief agreement. Anybody who lets greece know is crazy and not acknowledging other major countries. Do you get the sense european minds, creditors who will be meeting tomorrow or wednesday perhaps are beginning to come around to this view or no . It depends. There are so many countries involved. Germany insistent on no debt relief. Behind closed doors back then, everybody said to the greeks at the table, different greeks in power, they said we know you cant pay this back. We understand that. Here is what we are going to do. We are not going to have any repayments on this debt for ten years. No interest no principle, no nothing. The Interest Rate will be super low. You have ten years to get yourselves straight. By then hopefully the german people have forgotten it because we moved on. Wait until then. Greeks want to move that forward to right now. Im not sure they will be successful on that. Well see. We will see. Great job at always. Thank you. See you later. Lets talk about the impact from greece on our own markets here. David sowerby, jeff kilduff. The first time you were asked about our impact on greek markets was five years ago. 2010. Saints had just beaten Indianapolis Colts in the super bowl. Go on cnbc talk about greece and 5 1 2 years later, on again off again, more off again for greece but on again for u. S. Stocks, the s p in that fiveyear plus period compounded it 15. 5 . U. S. High yield bonds better than 8 . We will manage through this crisis the way we always do. There will be something that causes a bear market down 20 in stocks, but i dont believe its going to be greece. Steve whiting, the point is if greece is kicked out, Financial Markets will turn on the next country in line. Do you believe thats going to be the case . I dont jump to that conclusion. If you look at the situation now that greece is in i dont know who would assume that other european governments would follow the same course in any way. There is no one lined up to take these sorts of countermeasures. There is a political calculus there. The fact you are seeing so little pass through of this real greek crisis to other markets, 35 basis points spread widening on portugal today makes fundamental sense others are not going to try to go down the same route. Fundamentals changed a lot from the worst in 2011. Jeff killburg what do you make of the market . The dollar is stronger. Bond stronger in terms of price. Safe haven play. Oil down sharply. Our own markets and a seesaw today. Whats the message of the markets after all the intrigue over the weekend in china and greece . Weve seen the fireworks continue here. They are selling s p futures. I think the focus in chicago is the strength of the dollar. What will ecb do. Can i call mario draghi and ask him, what are you going to do . At the end of the day, the ec bs credibility is on the line. Their mandate is not to fix the greek drama but for the eu to fix it. Its easy to see what michelle was talking about. They are not going to give any more. They want to see this end quicker. We are seeing a big pop in volatility and the vix. Expecting that to continue as we move through it. Thank you. Appreciate it. About 45 minutes to go to the close here. U. S. Markets which turned positive on the session, dow is down 100 points. S p down about 15. Nasdaq is down 35. Crude oil, we established sliding after the greek volkswagenvote. Energy talks with iran, as well. Well talk to an energy expert. Kent moore is with us about how long this decline could last and where we go from here. Also chinas stock market is bottoming out here. He thinks the worse is over in greece. Acampora speaks with us exclusively. Keep it right here. If youre running a business legalzoom has your back. Over the last 10 years weve helped one million Business Owners get started. Visit legalzoom today for the legal help you need to start and run your business. Legalzoom. Legal help is here. Verizon say neversettle. Tmobile agrees. Never settle for verizons overpriced gimmicks. Try the uncarrier riskfree for 14 days youll love it, or well pay for you to go back. Welcome back. What do you think is the lagging index among the s p sectors . Something what do you think is the lagging index among the s p sectors . Something cyclical. How about energy . What bucket do you put it in today . Cyclical structural . Exactly. If we close below 540, that would be the lowest close before december 12. Transports are down about 1,000 points off their december highs. That interrelationship is not working here. Oil prices did tumble on all the tour moyes in greece china, lack of demand and iran maybe supply comes to the market at the close of the settle. Wti was down nearly 8 . Kent moore executive chair of money mat symposium. Shocking decline. Probable why it worst is over for a couple of reasons. The decline we experienced today is all out of measure to what it is that the market is telling us. I think this is more in terms of a psychological collapse than anything else. It is clear, however, that crude oil is going to take some time to recover from this triple whammy. Of the three, the iranian situation is probably the least serious. If we had an agreement tomorrow there wont be an appreciable iranian additional volume in the market for 18 months. That is a perception thing. We are still pumping in the United States. We added another rig count last week. First time since december. Or is it demand . Should we be more concerned about the issues facing china and other countries right now . If we take a look at the overall demand situation, the demand itself in very large measure across the board in energy is moving to asia. It will continue to do that through 2035. My concern is not whether china will continue to have a 7 annual growth rate or 4 annual growth rate. The Energy Component of that is going to continue to increase. Demand is increasing internationally. For the first time in over 40 years, i used to tell University Students for 40 years that its basic 101 is supply and demand. The first time i can remember half of that equation, supply is no longer an issue. We know we have excess supply. Demand when all is said and done for this year will come in higher than at any point opec or iea ever calculated. Some are starting to draw comparisons to the Natural Gas Market which had a lot of supply come on and this slow downward drift that in some ways we are witnessing today where the price is pretty low and everybody of thought it would rebound, but it never really has. Weve got realtime production across the shale space that can come on line any time there is a pickup in demand. Could we be looking for this new lower level oil could sit out some time . Oil will be rebounding from this. My initial estimate was that wti would be at about 65 a barrel by the end of this month. Im going to have to revise that down a little bit because of the gifts that the greeks gave us over the weekend. I do think we are going to be seeing 75 to 80 at the end of this year. The dynamics are moving in the same direction regardless of supply. One thing i see out in the oil patch all the time now is that companies have learned that simply because they can take volume out of the ground doesnt mean they ought to dump it at the market at the same time. We are going to see a supply situation here that will be increasing in stages. Very interesting. Always enjoy your perspective. Thanks bill. Tanker rates increasing because they are producing it. That itself is not necessarily a sign of better demand just more oil. Down 88 points on the dow. Weve got 39 minutes left in the trading session. S p is down 13. Nasdaq getting hit the hard percentagewise. Gopro ceo talking up the newest model a few hours ago. It all began when we challenged ourselves to build the smallest lightest most convenient gopro possible. More from that exclusive interview coming up. We have Ralph Acampora making bold calls on greece and china. Thats coming up. These two oil rigs look the same. Can you tell what makes them so different . Did you hear that sound . Of course you didnt. Youre not using ge Software Like the rig on the right. Its listening and learning how to prevent equipment failures, predict maintenance needs, and avoid problems before they happen. You dont even need a cerebral cortex to understand which is better. Now, two things that are exactly the same have never been more different. Ge software. Get connected. Get insights. Get optimized. I built my business with passion. But i keep it growing by making every dollar count. Thats why i have the spark cash card from capital one. I earn unlimited 2 cash back on everything i buy for my studio. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Thats huge for my bottom line. Whats in your wallet . When youre not confident your companys data is secure the possibility of a breach can quickly become the only thing you think about. Thats where at t can help. At at t we monitor our Network Traffic so we can see things others cant. Mitigating risks across your business. Leaving you free to focus on what matters most. The final vote 61 no. Banks in greece will not open tomorrow. There is hope in the marketplace. We wait to see if they start printing ious. Sticking with the euro gets much tougher. Welcome back. Biotech is outperforming the market today during a tough session. Take a look at versartis. The food and Drug Administration has removed a partial clinical hold on its treatment. Proceeding with the next phase of trial with children in that condition. Shares up 28 . Gopro falling the seven straight session despite unveiling its smallest camera ever today. Josh lipton spoke with the ceo earlier today. So small, so stoked. That is how grow pro describes its new camera hero 4 session. 50 smaller, 40 lighter and waterproof. Costs 400 and will be available july 12th. Gopro controls 90 of the action camera market here in the u. S. The hope is the new market will gain shares overseas especially in china. Business in china is good. For a brandnew market where we had no formal presence we are off to a great start. How many gopros we sell per week is really good when we compare it with a more mature market like the United States. Its promising. We are selling very well online there. Out of the gates we are feeling good. It shipped 1. 3 million cameras. It was gopros third conservative quarter shipping over 1 million cameras. Its not just about the hardware but Software Tools allowing users to edit and share content. He says the software is expected to roll out soon. Back to you. Time for a cnbc news update with sue herera. Here is whats happening at this hour. President obama arriving for a rare visit to the pentagon earlier this afternoon. To get an update from military leaders on the campaign against islamic militants. The president will make remarks on his isis strategy at the top of the hour and well take you live when it happens. Police found no evidence of a shooting at Walter Reed National military medical center, a 911 caller reported hearing a gun shot inside building one this morning. Police and canines trained to detect explosives completed a search of all 20 floors of the building. Starbucks raising prices from 5 5 cents to 20 cents. Coffee costs are only part of its expenses which include rent labor, marketing and equipment. Oreos are slipping down with a skinny new look. The new oreo thins are aimed at grownups. They will be on store shelves beginning next week. I dont know. That seems unamerican to me. The unfun oreo. Are you a dunker or a twister . I like the whole cookie together. But youve got to dunk them. Im all about the cream. These are europeanstyle biscuits that have been around forever. First its sparkling water. Now these oreo. I dont know what country im in. 30 minutes to go in the session. Dow is down 88 points. We were down 109 points. Down 88 for the time being. Up next top trader will tell us what he is watching during this most important last half hour of the trading day. Buckle up. Well discuss what a greek exit could cost greece and creditors. Ol d me to expect it. Intercourse thats painful due to menopausal changes. Its not likely to go away on its own. So lets do something about it. Premarin vaginal cream can help. It provides estrogens to help rebuild vaginal tissue and make intercourse more comfortable. Premarin vaginal cream treats vaginal changes due to menopause and moderatetosevere painful intercourse caused by these changes. 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