Google

"If this plan is implemented, the streets of Athens will sound the tracks of tanks"...

As Nasdaq soars to record-er highs and CNBC just can't hold themselves back when Google adds as much in one day as the market cap of 415 S&P 500 companies, we have one question... should breadth look like this when the index is hitting new highs?

Just today, the value of Google has increased by more than the market cap of 415 S&P 500 companies!

• Back Greek talks or face chaos, Merkel tells German lawmakers (Reuters)
• Fear of the Unknown Binds a Greek Deal With Few Believers (WSJ)
• Grexit Still on the Table Even With EU’s Latest Band-Aid (BBG)
• Donald Tusk warns of extremist political contagion (FT)
• Germany, Not Greece, Should Exit the Euro (BBG)
• Sabine Files Bankruptcy in New York as Oil Prices Fall (BBG)
• Markets Bow to Central Bankers as Bonds Rise, Pound Strengthens (BBG)

After weeks of overnight turbulence following every twist and turn in the Greek drama, this morning has seen a scarcity of mostly gap up (or NYSE-breakding "down") moves, and S&P500 futures are unchanged as of this moment however the Nasdaq is looking set for another record high at the open after last night's better than expected GOOG results which sent the stop higher by 11% of over $40 billion in market cap. We expect this not to last very long as the traditional no volume, USDJPY-levitation driven buying of ES will surely resume once US algos wake up and launch the self-trading spoof programs. More importantly: a red close on Friday is not exactly permitted by the central planners.

And so the 2015 season of the Greek drama is coming to a close following last night's vote in Greek parliament to vote the country into even more austerity than was the case before Syriza was voted into power with promises of removing all austerity, even with Europe - which formally admits Greece is unsustainable in its current debt configuration - now terminally split on how to proceed, with Germany's finmin still calling for a "temporary Grexit", the IMF demanding massive debt haircuts, while the rest of Europe (and not so happy if one is Finnish or Dutch) just happy to kick the can for the third time.

Today, an unholy alliance was born when Blythe Masters, the mother of the credit default swap and former member of the fabled "Morgan Mafia" was named chairman of Santander Consumer, the largest subprime auto lender in the US.

While Greek PM Alexis Tsipras is busy figuring out how best to go about pushing the "deal" he reached on Monday morning in Brussels through parliament, EU finance ministers are scrambling to put together billions in bridge financing that will hold Athens over until the activation of the ESM program which is likely at least four months away. Although it's as yet unclear which "least bad" option is preferable for Greece's external debt, Wolfgang Schaeuble has an idea for how the country might pay public sector employees.

Spain has shown that it is fully on board with the Brussels authoritarian direction of ending democracy. Those in power have simply convinced themselves that the people do not understand what is good for them so they must impose their will upon the people but raw force. How does this differ in any what from the justification of imposing communism? This is the death of all freedom and it is upon our doorstep.

Here is the punchline from Greek nemesis #1, Schauble: SCHAEUBLE PROPOSES TIME-LIMITED `GREXIT': FAZ; SCHAEUBLE SUGGESTS 5-YR GREXIT, HUMANITARIAN SUPPORT: FAZ

In other words, Germany just said kick Greece out, conditionally, for 5 years (it is not quite clear what Greece would use for currency in the meantime), quarantine it, and treat it as a third-world country until 2020. Somehow we doubt global stocks expected this outcome when they soared on Friday...

"I Shorted..."

Having corralled selling by the National Social Security fund earlier this week and after discouraging local reporters from mentioning selling in the press, China has now made it illegal for major shareholders to dump stock over the next six months.

You might be tempted to suspect that the inevitable unwind of a completely unsustainable margin mania is to blame for the brutal selling that has cost Chinese shares some $3.5 trillion in market value over the last three weeks. But you’d be wrong, according to several Chinese newspapers.