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Editor's note: This is a brief excerpt from Hedgeye research earlier this morning. For more information on how to become a subscriber click here.

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Markets seem agitated by the Greek vote this morning. Worldwide deflation is the much bigger risk.

The Greek stock market continues to crash (it’s down -10% this morning to -34% year-to-date). But the more interesting breakdowns @Hedgeye TREND resistance are those in Italy’s MIB and Spain’s IBEX – don’t forget who #deflation hurts the most, #debtors (hence why central planning policies will do anything to try to avoid deflation).

This Is a Much Bigger Risk Than Greece - a1

On a related note, the best Big Macro, low-volatility, liquid long position to have on if you agree with us on global #GrowthSlowing and #Deflation is the Long Bond (TLT, EDV, etc). That’s been one of our best calls in 2014. But you have to be there on the pullbacks like we saw last week.

This Is a Much Bigger Risk Than Greece - a2

The UST 10YR Yield is -4 basis points to 2.21% this morning with no support to 2.05%.