by Gavin M.
Who won tonight? Not Greece. It's definitely not Europe. It's the caterers! If you guessed that right, then you're right on target. While it seems Brussels is meeting central for everything that matters in Europe, there wasn't really much discussed today.
However, as you would already expect it, the markets took every tape bomb and went with hope rather than skepticism. We have seen 50-100 pip swings on major EUR crosses and these were great opportunities to trade and even make your weekly quota if you were very industrious. The best part of it is the expectation that there would be no deal. They said there is a deal but it has to be voted by the Greek parliament first and foremost and possibly the German parliament. So it is still a long way from really getting a proper deal.
Let's not forget what they also said today that they are aiming for a deal later this week. How many times have we heard this in the last 4 years? As far as the deal is concerned it looks like it is just a deal to unlock bailout funds. So basically, it is just going to continue what was happening before. Sure enough at some point again in the near future, we will deal with Greece it's not a matter of IF but WHEN. So whether or not a deal happens this week or this month, it is just a postponement of another Greek crisis.
I'm not an economist and I do not have an economics degree. I am a trader. I am not qualified to make a good assessment of what Greece should do at this point. I do know one thing - until they really sort Greece once and for all, it will remain a thorn in every trader's side for the foreseeable future.
Traders from Equity Sense will be writing on this blog on positions and other market-related things.