Greece… mattered!!

The market be like…

*  *  *

It began as FX markets opened ugly in early Asian trading, but once stock markets started to open, the focus shifted there…

Japan spanked… Nikkei 225 down 730 points from Friday’s close…

 

China collapsed…

 

When Europe opened it was ugly in stocks…

 

And bonds… European spreads exploded – biggest risk increase in 7 years…

 

But The Swiss National Bank did its best to sell Francs and buy EURs to make it all appear “contained”… Which squeezed EURUSD all the way into the green… a 325 pip ramp!!!

 

And the Sudden “hand of God” move in EUR around 1340ET

Clipboard01

 

While Greek stock markets were closed, their bonds were not.. .and carnaged 420bps higher to 15.10%…

 

And stock ADRs and ETFs traded in the US:

  • EUFN – European Financials, down 4% – broke below its 200DMA
  • NBG – Nation Bank of Greece, down 26% on record volume
  • GREK – Greek Stocks, down 18% on record volume

 

*  *  *

In The US, the initial carnage dip was bought with gusto but that ramp failed and by the close we were testing new lows…

 

Trannies managed to get back to unchanged before plunging…

 

Cash markets were a one-way street from just after the open…

 

Financials hammered!!

 

Post-FOMC: Bonds best, Gold glitters, but Stocks stink…

 

Leaving The Dow red and S&P unch for the year…

Submitted by Tyler Durden
More “carnage” at Zero Hedge

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3 thoughts on “Greece… Mattered: Surveying The Carnage”
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