|DJ Greece Index|
Greek public finances will be a mess for 2 years until they restructure (WSJ). Maybe when EUR/USD (Euro) hits .85 they'll have a crazy export boom. It is also interesting that JP Morgan downgraded the National Bank of Greece ($NBG) to "underweight". Zero Hedge explains the downgrade: After 70% Plunge, JPMorgan Cuts National Bank Of Greece From Buy To Sell. The charts need to see sustained RSI (relative strength index above 50 (look at the examples). NBG closed at $2.54 on Thursday post downgrade and $2 is the next support level (March 2009 low). Also NBG Q1 profits are out:
ATHENS (Dow Jones)--National Bank of Greece SA (NBG), Greece's largest lender by assets, said Wednesday that first-quarter net profit fell a larger-than-expected 93%, as steep trading losses, higher provisions and a special tax weighed on earnings.
"The challenge for the rest of the year is to focus on managing the quality of our loan book in Greece," Chief Executive Officer Apostolos Tamvakakis said. "Likewise, it is important that costs be managed effectively. (read full article at WSJ)
Dow Jones Greece Stock Index (StockCharts.com)
Greek General Share Index (Stockcharts.com)
NBG (National Bank of Greece)