Stocks gapped lower at the open on Monday in reaction to the latest twists in the Greek debt drama, tried to rebound for an hour but ended up flipping over and sinking heavily through the close.

Treasurys were stronger all session in a flight to safety, while gold was up 0.5% as well, as for some reason people think that owning a fraction of a lump of yellow metal is a better bet than shares of a technology company or a drug maker.

Fears of Greece contagion was the major story. Late on Friday, the Greek government announced a surprise July 5 referendum on the current eurozone bailout proposal. The government will recommend a “no” vote, while creditors hope for a “yes” vote.

There is considerable uncertainty around the referendum itself. It remains to be seen if the government can even manage the logistics of a major vote regarding a complicated financial proposal on such short notice. Recent polls suggest that almost 60% of Greeks would vote “yes” in the referendum, which could result in Prime Minister Alexis Tsipras stepping down and the subsequent formation of a unity government. A “no” vote might strengthen Syriza’s position internally, but is unlikely to result in more concessions from creditors.

Meanwhile, over in Asia, the People’s Bank of China cut both its one-year lending rate and the one-year deposit by 25 basis points, to 4.85% and 2.00%, respectively. This is the fourth cut to benchmark rates since November.   Chinese equities were not impressed and extended recent weakness. The Shenzhen composite fell 6.1%, while the Shanghai composite fell 3.3%.

Back here in the United States, the big news was a comment from New York Fed President William Dudley that he believes a September lift-off for U.S. interest rates is “very much in play.”

Dudley said that, if the U.S. economy continues to strengthen, a September liftoff would not surprise him. He also added that it would not surprise him if the Fed waited until December for the first rate increase.  There is a growing drumbeat for a September start, so it will probably happen…unless the world completely falls apart before then.

Down in Puerto Rico, which is a commonwealth territory of the United States, Governor Alejandro García Padilla said his island territory’s debts are “not payable.” It’s kind of cute: PR is our own private Greece.

The island has more than $70 billion in debt, and Padilla said he would ask creditors for significant concessions, including deferring some debt payments for up to five years. Puerto Rico’s government could run out of cash in July, which would lead to a shutdown. Many of Puerto Rico’s bonds are held by mutual funds.

And finally, how about a little good news? The U.S. pending home sales index reached a 9-year high in May, and contracts  have risen for five consecutive months. Plus, the May pending home sales were up 0.9% versus consensus for a 0.6% gain.

What, you wanted more good news? OK, well, it’s that the valuations of some of my favorite stocks have finally come down a bit, including today’s Trade of the Day.

BankUnited (BKU) is a $3.8 billion regional bank based in south Florida. Like most regional bank stocks, BKU has perked up along with rising government bond yields. BankUnited sank 1.9% on Monday in sync with the broad market after several of days moving higher, but ultimately the Greek situation is not going to derail the bank rally.

Buy BKU at $36.10 limit for target $37.95. Set a protective stop at $34.30, good after 11 a.m. ET only.