U.S. stock-index futures slid, signaling the Standard & Poor’s 500 Index will extend its steepest weekly drop since March, after an unexpectedly emphatic rejection by Greek voters of austerity measures raised the risk of a euro exit. E-mini contracts on the S&P 500 fell 1.4 percent to 2,040.50 as of 8:37 a.m. in Sydney, as futures on the Dow Jones Industrial Average retreated 1.3 percent. Markets reopen on Monday in New York after a Friday holiday. With 96 percent of ballots counted, 61 percent of Greek voters said “no” to the latest proposals for spending cuts and tax increases. As banks including JPMorgan Chase & Co. say a Greek departure from the euro is now the most likely scenario, German Chancellor Angela Merkel and her counterparts across Europe must decide if a financial rescue of the region’s most indebted country is still possible. “Who knows where they go from here -- we’re really moving into uncharted territory,” Mark Lister, Wellington-based head of private wealth research at Craigs Investment Partners Ltd., which manages about $7.2 billion, said by phone. “It’s surprising that the no vote won so convincingly, certainly more decisively than the polls had suggested.” Code: http://finance.yahoo.com/news/u-stock-index-futures-fall-220332951.html
Yep, if there is going to be a big bad day because of Greece, it will be tomorrow. I bought my play early last week, so we will see how it works out. The problem with this referendum is so many people vote with emotions. I hard a young man on TV say that he voted no because he did not want to be a colony of the EU and have them dictate the future of Greece. And that seems to be the overall sentiment. But the reality is that Greece is out of money, will not be able to pay anyone and will have to pay huge interest rates on any future loans that do get. Things are going to get much worse if Greece has to print it´s own money... it will fall to worthlessness as fast as they can print it.
mmm looks like Greece is providing us with yet another buying opportunity. I'll be busy by the time the US markets open but I might put in a limit order or two to snatch up some nice companies if they dip enough.
Fools and their money are soon parted. I expect good buying opportunities on dips as lemmings rush over the cliff.
haha, I love your wording. I hope you are right, I still have way too much cash at hand and would be lovely to pick up some good companies at much lower prices. However I don't think that we will see a HUGE drop, probably yet another day between -1% and -2% for the S&P500 with European indexes obviously dropping more. At least now the EU/ECB and the IMF have a very valid reason to just throw Greece to the dogs and see how the nation holds up when the pensions, unemployment and public workers salaries aren't being paid anymore and all bank accounts will be frozen because there simply is no money to give out.
I posted this in this forum about a week ago. I knew this was going to happen on the ´bad day´. At the open, emotional investors sell off good companies in a panic... a few hours later, the intelligent investors move in and buy the bargains and by the end of the ´bad day´.. the overall market has made back most of the early morning sell-off. This is not 1987, trading is faster now and it does not take intelligent investors a few days to figure out where the bargains are, they can react in a few hours. My Greek play, TNP is down to 9.25, which is about a 50% discount on where it would be if it didn´t have a HQ in Athens. Many of these large multi-national companies have already threatened to move out of Greece, and probably will do so at only a small cost. If TNP had it´s headqurters in the Bahamas, it would be a $15 stock right now.
Hahaha, lemmings. I like you. This is a true statement, though. Good buying opportunities are going to be available in the soon future.
"way too much cash at hand". Is that a stock trading phrase or are you seriously one of the luckiest people ever?
Completely agree with this. People all over vote with their emotions rather than with logical thinking. All I know is that I would have to be in the same shoes that Greece is in.
