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If you’re long the market and you don’t already have stomach problems, you probably will soon. By the close stocks plunged more than 300 Dow-handles as investors not only took risk off the table – they swiped the table clean.Again the fears of contagion overseas sent investors running for the exits largely due to speculation that a Greek default was imminent.”Greece had a failed Treasury bill auction,” explains trader Brian Kelly. “Greece has about $9 billion in short term debt that they needed to roll over – and they were only able to roll over about half of what they needed to.”
The markets took developments as a sign that it was only a matter of time before Greece faced the inevitable.”This is going to influence how the market trades well into next week,” explains Pete Najarian. Of course that begs the question – how should you position amid all the mess?
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