It seems like this never-ending, ongoing Greek tragedy is like an Energizer battery as it just keeps going and going and going.
In order for something to qualify as a "black swan event", it has to come out of the blue and be a total surprise to the market. Certainly, Greece cannot claim to have just happened or come out of the blue. It seems like this train wreck of a country has been going on forever without a resolution. The fact that the markets are only down a bit as of this writing and have the potential to close unchanged indicates that most of the US equity markets have already discounted the "Greek Effect".
Today I will be looking at all the major indices and commenting on what has taken place.
Gold continues to sputter, but shows really no signs of life even in the face of major financial turmoil.
Crude oil on the other hand, dropped early and did flash a weekly red Trade Triangle. However, we are very close to some major lows which could offer support and put crude oil in a broad trading range.
The Euro, which got slammed over the weekend, has made a remarkable recovery and is now higher on the day. Go figure.
So as you can see, there's lots going on as individual traders and institutions are trying to make some sense of Greece.
This week promises to be a very interesting week and I'd love to hear your thoughts on what's going on.
Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Don't worry guys Goldman Sachs have it all sorted. Greece will have another election and a RW government where the so called middle classes will hold sway. Uncle Sam will make sure Russia has no influence on Greek sovereignty. It's all going to plan.
I am not an expert on Greece but it seems it is now the end of the line. One can only live on credit for so long. The referendum result will be interesting but either way there is no solution for most of the population. Maybe Trump should be elected prime minister so they could declare bankruptcy and start anew.
A Black Swan event, by definition, must be unexpected.
Today, the markets are on sale. Good buying opportunity.
For some more details, I suggest to read followings:
https://en.wikipedia.org/wiki/List_of_sovereign_debt_crises
https://en.wikipedia.org/wiki/Nixon_Shock
The DJI shown above actually gave a Buy signal only 6 days ago. This is one thing I dislike very much about them,i.e. they are too slow for trading purposes and either get in late or out too late, missing many points.
In any event the Greek comedy will continue as long as the Euro nations' stupidity continues. The stronger countries ( about 3-4 ) are continuing to lend money to a bunch of lying cheats, who will be willing to take their money to " repay" what they owe! This is sort of a reverse Ponzi scheme in which the creditors wind up cheating themselves.
We may consider Greek episode either as a tragedy or by any other mean, but this is only a trailer of next horror movie, because if any one can try to listen under laying as well un spoken message sounds through that, it is quite clear that this is just a warning bell in respect of forthcoming major financial disaster world wide.
Earlier also I wrote from this INO Platform that Grease is a sign of beginning of even far more greater tragedy so turn wise one after one countries will bound to join or will be compulsorily added to fuel that fire at Financial structure of entire world, and it may be spread over many other countries including US, EU, Russia, Japan, China, and I will not surprised to find some incidents of sovereign Defaults from some countries or a situation of "State Bankruptcy" inclusive of Social, political problems over and above financial instability.
Paper Money, Paper Securities, Derivatives, Financial leverage, and so many other concerned factors played a great role for many many years, and due to all this, as on today, Situation became so worst that no way remains available to stop or even to get pause mode too. not just only Stocks, but Gold Crude Metals and Real Estate will face a heavy volatility and I think, Banking Sector and all such Derivatives Markets will be worst affected, and even may entirely collapse.