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by Chris Becker
Christmas is coming early for speculators, as Greek and Chinese stock markets tumble, USD reverses and commodities begin their inevitable sharp rebound from oversold lows. Overnight saw Greek risk-holders blink with the ASE stock market down 12% intraday and yields shooting up to near double digit levels on “uncertainty” in government elections (read: powers that be don’t want the people to make a sovereign choice about their own destiny).
This action saw broad losses in the 2% range across the major European bourses, but after hours trading alongside the US markets saw a rebound on the German DAX:
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