10:22 Don’t get all in an uproar just yet. Yes, the markets made a dreadful fall this morning, but there are signs it may recover. The 3X ETF’s have only moved in miniscule amounts. SOXS total movement has been 1.94 and that is nothing to the 10 points it can put on the charts. TZA has only moved 1 point FROM yesterday’s close.
The DOW is presently at 12796, the 500 is at 1344 and at the next support.
Granted we are at an interesting intersection, but further correction needs to be verified over the next few days. This fall is because of uncertainties of the European issues and Greece in particular.
France is back in the news because of its exposure to Greek bonds.
@telegraph: “Reuters is reporting that all Greek banks are to take part in the debt swap. Earlier today, Bloomberg reported that French bank Societe Generale would also participate.
French banks hold more Greek bonds than any other nation. Societe Generale, along with BNP Paribas have already written off 75pc of their holdings of Greek debt. According to its annual report SocGen’s Greek government bond exposure is now just €307m.
BNP Paribas, which reduced its valuation of Greek debt holdings by a staggering €3.241bn in 2011 has €972m of exposure to Greece.”
Written by Gary