Trump declined to participate, and said there were too many in the race. Several of the presidential candidates talked about their record of cutting taxes, creating a budget surplus and other accomplishments while serving in an elected position or working in the private sector. They were quick and well prepared in answering all the questions, indicating they were probably told in advance what the questions would be. Several put a lot of emphasis on breaking from the status quo in Washington politics, probably due to Trump’s success in leading in the polls while talking about how Washington has failed. Upcoming debate should be very lively, especially if Trump joins in.
According to Panos Mourdoukoutas, Economics Professor at Long Island Uni. there was a 30% down limit in the ASE. He wrote: “That’s the worst performance in the last 28 years, with some orders for bank stocks remaining unfilled, as prices reached the limit down (-30%).” As I posted, there are unexecuted sale orders that evidently were not executed because they reached the 30% down limit.
Referring to stocks in non-banking sector referring not being down as much] he wrote: “Apparently, there must be some bargain hunting among overseas investors, who are better positioned to participate in the market, as they don’t face the capital controls Greek investors face. Global X FTSE Greece 20 ETF (GREK) trades roughly where it was trading when the Athens Exchange closed five weeks ago."
I believe they are allowed to sell but not buy. Bankingnews reported "unenforceable/unexecuted" sell orders. I guess this was because there were not enough buy orders. Therefore, IMO it may drop some more unless enough buyers move in.
It's just power raising havoc with bottomsup2go. I guess you've noticed that the NBG board is full of it. (Maybe he does get paid for each post??) Good luck with AUY.
The SEC writes: "A trading halt—which typically lasts less than an hour but can be longer—is called during the trading day where there is a significant order imbalance between buyers and sellers in a security or to allow a company to announce important news. A trading delay (or "delayed opening") is called if either of these situations occurs at the beginning of the trading day. Before trading resumes, market specialists must determine an appropriate price range in which the security can trade."
Perhaps those rules apply to OTC stocks also - your broker can advise. I still don’t see any bid or ask listed but trades are being made. It was initially in the news that the ASE would suspend trading if the price deflects by 20% up or down - guess the ASE changed its mind as the banks dropped more than 20% today.
Shares are suspended from trading if the price deflects by 20% up or down according to the ASE. Previously the limit was 30%.
Bottomsup2go, unless you are a guru member, information is for the quarter ending in March. The only fund listed is Soros Fund Management LLC with 212 stocks held, those sold and calls. NBG does not appear as being held or sold on that fund. It would be nice to be able to directly log onto the ASE for stock info w/out going through Bloomberg or another provider. If Soros is short NBG at around 2.12 in Quantum Fund as you suggest, I agree he may begin to close out his profitable position but I think he will wait if NBG is moving down. Ha, I guess you are hoping for a short squeeze with the PPS going up. I’m not currently holding any Greek stocks and am not making any recommendations for anyone to go long or short – just watching events that may present new opportunities to take action.
Bottomsup2go, I think this reply is to me - I just found it - but you didn't answer my legitimate question about at what price Soros probably bought NBG. Perhaps you meant his selling had something to do with being fined. Anyway, this thread is too long and it's not that important.
Ha, don't take my word about surgexsays being bottomsup2go - I don't follow every post closely and thought surge had already said he was bottoms. Anyway, I come on the board \to share my thoughts and to get info - occasionally I learn something new. So everyone have a nice evening and GL long and short - I'm neither "yet".
It's nice to have some timing information! Sounds like you will be buying Monday. May be a fun day for day traders too.
surgexsays (aka bottomsup2go), Why do Soros and other hedgers have to cover? It is hard to imagine that they went short at a lower price. And I doubt Soros would get a margin call. Even if the position is going against him he could afford to ride it out if he thought the trend would change in his favor.
I left out some words. It should read: each bank alone can grant 100,000 euros "per customer."
100,000 euros.That was reported in Greek news on Jul 27 when the banks had planned to reopen today. So what is Ms. Katseli hinting will happen when the market does reopen?
Ms. Katseli also said that while requested by creditors and provided for in the agreement an amount of EUR 10 bn Euros from the ESM, there is to be an early recapitalization of the banks before the final recapitalization.
The exact capital needs of each bank cannot be determined until after new stress tests are completed. And I haven’t read about any of the banks offering any guidance on that subject. Ha – better not to talk about it. I believe it was the ECB that said the banks cannot wait until after the stress tests are completed before receiving needed funds,and IMO recapitalization may begin Monday. Conditions in the economy have changed since the Q1 report. NPLs have increased. It’s an accepted fact that all banks need to be recapitalized. Of course the sale of Finansbank could raise capital, but NBG has been postponing it. Prior management at NBG has not hesitated to resort to capital share increases. None of the banks have announced preventive measures for recapitalization in order to protect their balance sheets and their private shareholders. Prem Watsa and other large s/holders have had to lobby Athens. The bank management’s priority seems more about protecting the depositors and winning back confidence than about shareholders. By the way, to read the wsj article, you have to be a subscriber b/c it asked for a login.
“The aim is to open the Greek stock market, Monday, August 3rd, with more equal and less restrictive said ERT chairman of the SEC, Konstantinos Botopoulos. But as we shall see, the unlevel playing field between Greek and foreign investors will bring imbalance in the reopening of the market.
“Referring to the banks, the chairman of the SEC explained that the new round of recapitalization will take place immediately.
“Bank shares will negotiate?- They come lawsuits from foreign funds. According to sources from the Capital Market, whether to negotiate bank shares from Monday will be decided on Monday morning. In that regard ban short selling will apply other differently.” (unclear what some of these statements mean; full article is at newmoney.gr) (sorry for the delay – was at the vet)
according to Greek news sources. Foreigners will be able to execute any transaction without restriction. However one source reports the ASE will not allow short selling. Bankingnews.gr gives new PPS targets based on the uncertainty of the recapitalization of each bank: National .50 - .60 euros; Eurobank .07 -.08 euros; Alpha .16 - 18 euros and Piraeus .22 euros.
LOL, I guess I’m still misinterpreting something b/c I cannot get a different meaning from the definition, inverse meaning opposite:, “XIV seeks to replicate the inverse of the daily performance of the S&P VIX Short Term Futures index.”
The VIX has been low and dropped almost 14% today, indicating a lot of call buying and optimism. So why did XIV go up as it is supposed to be the inverse of the S&P, which also went up today?
Why buy this now? Doesn’t the drop today in VXX and VIX reflect a lot of call buying and too much optimism? When sentiment reaches one extreme or the other, the market typically reverses course.