Category Archives: ETFs

The Greek Gap

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Good morning, everyone. The jobs report just rolled off the presses, and it’s a fairly blase “meh” report, which is pumping up index futures since the notion of an interest rate hike this year becomes more giggle-worthy. As we await the opening bell, I wanted to briefly share one mildly interesting chart, which is one of those “one that got away” type situations. It’s the Greek ETF:

0702-GREK

See that gap-fill from yesterday? Well that’s the level which, on Tuesday, I marked as the “I sure hope it rallies to here some day so I can short it” point. I wasn’t really watching it, but little did I know it would rally there almost instantly, beautifully filled the gap, before plummeting beneath all that overhead supply (tinted in green).

Shrug. No big deal. It’s not like I would have shorted all that much anyway. Suffice it to say that the Greek stock market looks dead for the foreseeable future (which, these days, is probably the next 17 minutes or so).