A Greek Tragedy

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Forex Market News

Safe haven flow continued overnight as Greek stock index got routed 13%! This was due to the Greek PM moving forward the election to Dec 17. An election he is unlikely to win. And the radical Syriza had vowed to roll back the unpopular budget cuts that were put in place to pay off their debts.

Thank the Yank

The tanking in global stocks started yesterday and continued in the Asian session but it wasn’t until Europe opened and things got real nasty. Luckily, the Yanks came in and the bid came back on, halting the slide in most markets.

Test bars

This action produced test bars and doji bars across all sorts of markets, from stocks to FX and commodities. The leading indicator for the bounce was oil this time. The slick mover managed to post a positive day for most of the session and climbed back towards $64.

Gold

Had a stellar day from the protection traders, as did the yen, although gold continued higher as the yen bounced towards the end of the US session.

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