The EU decided to delay the Greece bailout and we had overnight weakness but the market is back to flat now. The euro is actually up. How can this happen with all that Greece uncertainty? Market players are not idiots. They know Greece will be bailed out. It is just a matter of when, not if. It is about the most telegraphed bailout that I have ever seen. Not that anything can be allowed to fail after 2008. The default option for central bankers is to bailout first, ask questions later.
What is more insidious is the continuous deterioration in Shanghai. Something bad is going on over there that many investors are overlooking.
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2 comments:
feels like traders are front running a postive greece vote tonight. the vote is confidence or die. not very hard decision.
Yes. It is pretty obvious they'll pass the vote of confidence. They need the money, otherwise its bankruptcy.
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