Futures came off their lows and are currently higher at the time of this writing, following a report that last-ditch efforts to revive talks between Greece and its creditors were underway.
Market Lab Report - Premarket Pulse 6/30/15
| Published: | 30 Jun 2015 12:25 ET |
Major averages plummeted yesterday along with other major world markets on financial crisis news out of Greece. Volume was above average though lower than Friday's volume due to Russell rebalancing which greatly exaggerates volumes. A number of major markets had their worst day since 2011 including Germany's DAX. While it looks as if markets could continue to freefall, we must remember that issues in Greece are much contained to within the European markets and will spur central banks to continue their easy money policy, thus Monday's severe reaction to Greece may very well take on the character of other crises- short-lived sharp selloffs on the market landscape that cause short-term pain but live to tell another tale as markets find their footing then move higher. The main counter-force, quantitative easing, is alive and well, thus is likely to spur central banks to continue to print for longer than expected. Such actions are a long term negative for world economies, but short term bullish. Nevertheless, keep stops tight since such periods can cause stocks to plummet in short order.
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