After rallying on every bit of warrantless hope lately, today the stock markets continued there merry way: down.

This is likely due to the fact that China is far more important globally than Greece, and for the first time in a while, there are a couple of simultaneous crises: One in the eurozone, and one in China.

The real panic party starts when the US gets into the act with another recession or even a slowdown from the second quarter GDP bounce.

Meanwhile, we have another "final chance" for Greece to do the wrong thing: accept another bailout and deepen its recession.

The latest "final" deadline is Sunday. It follows numerous "final" deadlines over the past month.