Selloff on growth, rally on Greece, test coming

While the market selloff on Tuesday was due to economic growth concerns on the heels of China’s decision to grow a bit slower than before, the market bounces again on optimism that Greek creditors will mostly agree to exchange their bonds for new ones. The deadline to tender is 3pm est today and Greece’s FM said “if all goes well, tomorrow we can announce that we are relieving Greeks of 105b euros of debt.” The question still remains though whether CAC will be invoked in order to cross the finish line. This thus sets the stock market up for a major test when the official news is out as the market tries to retest last week’s high.

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