With the dollar surging and gold and crude oil weaker, today King World News is featuring a piece from one of the greats in the business warning investors that with all eyes still on Greece, do not trust this early bounce in global equity markets.

"You know the rules of the exchange, Mr. Duke. All accounts to be settled at the end of the day's trading, without exception." — Official #2, the movie Trading Places

By Jeffrey Saut, Chief Investment Strategist at Raymond James

June 30 (King World News) – I could not help but think of the movie Trading Places given yesterday's trifecta of bad news. The scene is where the President of Exchange says "Margin call, gentlemen." To which Mortimer Duke responds, "You know perfectly well we don't have $394 million in cash!" Then comes the hammer, "Official #2: I'm sorry, boys. [to Official #1] Put the Duke brothers' seats on the exchange up for sale at once. Seize all assets of Duke & Duke Commodities Brokers."

Margin call indeed with China off 20%, the Greek gotcha' and now Puerto Rico; well, as stated, "A trifecta of bad news!" I actually am more worried about Puerto Rico than I am Greece. Greece is not well owned, but Puerto Rico is, and it is owned by many hedge funds that are now underwater on prices. For example, the 8% municipal bond due in 2035 was changing hands around 86 earlier this month. Yesterday it was bid at 68.

Yet all eyes are focused on Greece, so let's return to that topic. On CNBC yesterday I said that I still think there will be a deal worked out for Greece and the reasoning is pretty simple. Over the longer term, an exit from the EU is likely the best thing for Greece, but it would be a terrible thing for the EU. Of course, there are the "conspiracy theorists" that think closing the banks, ATMs, and implementing capital controls are designed to scare the Greek people into accepting more austerity, but that sounds a bit too slick to me.

Oh, I almost forgot to mention one other weird thing that happens today: the "leap second." With the adoption of the atomic clock (1967), timekeeping has not kept up with the earth's slowing rotation. Accordingly, every few years scientists add a second to the day (25 times since 1972). Hence, at 8:00 p.m., one minute will have 61 seconds in it. While that may not sound like much, the NASDAQ plans to shut down trading at 7:48 p.m. with the CME and ICE altering their trading times as well. I also suggested on CNBC that this decline could turn nasty if the S&P 500 (SPX/2057.64) doesn't find support between 2040 and 2070.

"I Would Not Trust This First Bounce"

And while the SPX stayed above its 200-day moving average at 2053.51, the Dow Industrials ($INDU/17596.35) did not. Adding to the negativity, yesterday appears to have been a 90% Downside Day. In fact, about the only positive in Monday's Mauling was that the McClellan Oscillator is as oversold as it gets. This morning, however, the preopening S&P futures are better by some 13 points on hopes of a last minute deal. I would not trust this first bounce, believing last week's "call" for down into the July 4th holiday still makes sense. ***KWN has now released one of the most important and powerful interviews that Dr. Paul Craig Roberts has ever given.  Dr. Roberts discusses why the Greek tragedy is one of the most important and pivotal crises that the world has ever faced, as well as the desperate moves being made by Western central banks in global markets ahead of the resolution of this crisis, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

KWN ROBERTS mp3 6:27:2015

***The remarkable audio interview with Michael Pento has also now been released, where he discusses the coming carnage in global markets, what investors can do to protect themselves, and what to expect from gold and silver, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

KWN Pento MP3 6:28:2015

***ALSO JUST RELEASED: All Hell Now Breaking Loose – This Crisis Will Rock The Global Financial System To Its Core CLICK HERE.

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The audio interviews with Michael Pento, Dr. Paul Craig Roberts, Rick Rule, Nomi Prins, Gerald Celente, Bill Fleckenstein, Stephen Leeb, Andrew Maguire, Eric Sprott, Robert Arnott, David Stockman, Chris Powell, John Mauldin, Egon von Greyerz, Dr. Philippa Malmgren, Marc Faber, Felix Zulauf, John Embry and Rick Santelli are available now and you can listen to them by CLICKING HERE.