This is probably the best article I’ve read about Greece recently. It calls into doubt the privatisation plan. Here’s another from France24 which has a decent human perspective. The vote should be happening in about 2 hours and the European markets are up over 1%. My guess is that this will be a sell the news event. If you’re interested in the austerity details this is a good link.
We should have the result before the European markets close and at the opening of US markets. I think we’ll see some strong pull-back almost immediately after the vote.
“…there will still be a risk of lawmakers rejecting detailed austerity bills in votes on Thursday on the implementation of different elements of the plan, such as tax rises and the sale of state assets.”
If that pull-back doesn’t happen today, we’ll see it happen before going into the weekend. I’m cautious today, maybe too cautious.
I’m concentrating on $GS and $GOOG today. Both of these charts show strong decending channels.
Goldman on increasing volume.