Greece ETF Creeps Back Up
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
The Greek-focused Global X Funds (NYSE: GREK) shares were trading slightly higher by $0.35 (4.8 percent) at $9.84 in Tuesday's session. After tanking on Monday and making a three-year low ($9.43), the issue is rising on the hope an exit from the European Union can be avoided.
Off the open, it found resistance a penny above Monday's high ($10.07), reaching $10.08, before slipping back under $10. Above those highs, the issue has a lot of ground to recover, since buyers as of Friday's close are sitting on huge losses as the ETF ended the session at $11.78.
After monster volume on Monday as longs threw in the towel, today's volume so far of 2.5 million shares traded is most likely to come up shy of Monday's volume of 6.25 million shares.
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