Just when you thought it was safe to go back into the equity cookie jar, you get sabotaged by the Cookie Monster... Of course the cookie Monster is Greece. Greece is the worlds 32nd largest economy with almost 10 million inhabitants.
Its Prime Minister George Papandreou, was able to cause a worldwide panic sell off in the markets with his call for a referendum and confidence vote on friday. Now to those betting on a downturn, this was good news. Stocks sold off over 5% in most Europe countries, and 2%+ in US markets.
Whether the sell off continues tomorrow, is yet to be seen, as market futures are slightly higher as I write this:
|US 30||Dec 11||11697.00||11682||11716.00||11618.00||15.00||0.13%||5:13:48|
|US SPX 500||Dec 11||1226.45||1224.5||1228.45||1216.55||1.95||0.16%||5:13:46|
|NQ 100||Dec 11||2310.30||2303.5||2313.80||2294.10||6.80||0.30%||5:13:48|
One of the Stocks I am watching into tomorrow are one of the high Beta Growth Stocks PCLN.
PCLN is a best of breed stock, but will succumb to continued severe price fluctuations based on market conditions. If there is a continuation of the sell-off, PCLN can see $460 in short order.
Have a Happy Trading Day on Wednesday folks!!!