Caused a mini spike in silver and gold too
5 year Greek austerity plan agreed? rumour
Great. I love outside-calendar news. Not.
SPX spiked from about 1268 to 1278 between 13:55 to 13.57 CT then gave about half back.
They will wait until the ETFs close to announce a plan which will hose me. I was planning to exit tomorrow and avoid the weekend announcement. Now... hmmm
The market is being overly optimistic about this. I don't think the Greek Parliament will pass this on Tuesday. If it does, then yes there will be a huge rally, but quite a bit of talk out of Greece that there isn't the same level of support at the confidence vote that barely passed.
By Michael P. Regan June 23 (Bloomberg) -- U.S. stocks pared losses following a
report that Greece had reached an agreement with the European
Union and International Monetary Fund regarding a five-year
austerity plan. The Standard & Poor’s 500 Index slipped 0.9 percent to
1,275.08 at 3:06 p.m. in New York after tumbling as much as 1.9
percent earlier. The Dow Jones Indutrial Average fell 131.35
points, or 1.1 percent, to 11,978.32. Reuters reported that the
Greek government had reached the agreement with the IMF and EU,
citing sources. “So yes the market is rallying on only a headline and not
a full story,” said Peter Boockvar, equity strategist at Miller
Tabak & Co. in New York, in a note to clients. “There is
already an austerity plan that the Greek parliament is voting on
next week so the only thing that could be different is if the
terms have been changed to make it easier for the Greek
government to pass. Again, it’s just a headline that doesn’t
fully make sense since a plan is already being voted on next
They just love the free fiat being thrown around. Makes me sick. Going to go run for an hour now and then come back see the market green.
I still like the short side for now. Have a good run.
I hope Parliament gives this plan the middle finger.
I am out. too frustrating to watch anymore. Thanks!
Turned too fast to change stops and limits.
I've still got my paired up long gold short equity positions; but that got hit worse than anything else I have. Almost back to where I bought them.
....the bailout plan is going to be tough/impossible to pass. I just read that they need 180 votes to pass it.... Gpap could only get his own party to pass the confidence vote, and some of his own party won't vote for the austerity.... so expect the turmoil to last all summer...
just plucked this off the comments from ZH, police are now joining the protests. so who is going to protect the politicians??