Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Is it Friday yet? Incredible volatility already in a session and a half. I don’t see any rumor of the day that drove the market off the lows this morning but it remains difficult to be on any side of a trade at this moment with the wild rips either way. I thought this week would be “quiet” and “not gappy” ahead of the Greek elections/FOMC statement. Wrong!
I saw this quote and it pretty much summarizes things – we are hostages for now:
“The daily egg shells we walk on this week over Spain will of course be followed by Sunday’s election in Greece and what, if anything, the FOMC will announce next week,” says Peter Boockvar, portfolio manager at Miller Tabak. “Daily government (both from central bankers and politicians) event risk in either direction is paralyzing and dizzying.”
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