Tuesday, November 01, 2011

Greek's pull the rug out from under the rally

Well, the market's don't know what to think.  Talk that the Greek parliament is going to hold a referendum on the latest European bailout sent markets into a tailspin this morning.  There has been some discussion the the referendum is DOA and if that turns out to be the case the snap back could be violent (as I write this the markets are back to their highs of the day based on rumors coming out of Greece).  I don't think any of us have ever dedicated so much time to analyzing the political leanings of the Greek parliament. 

This news prompted the Royal Bank of Scotland to issue the following note to clients that included one classic typo: ""...major negative for Greece and the rest of the momentary union".  Renaming the European Union a Momentary Union is good work even if it was unintentional.

Stay tuned....

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