Rochester, NY 2/10/2010 2:51:40 AM
Goldman Says Sell National Bank of Greece SA NBG But Stock Soars
Goldman Sachs cut both Greek and Italian banks from neutral to sell but this seems to have little influence on the stock which is trading (as this is written) at 4.12 Up 0.70 (20.47%). This no doubt, at least in part, due to a Tuesday move up in basic materials and energy, plus the fact a rescue plan is waiting in the wings for Greece.
While the reason is not confirmed, European Central Bank President Jean-Claude Trichet left Australia early, speed to Europe, the grapevine says he may be close to addressing the debilitating debt issues faced by Greece. Thursday will see the Mr. Trichet in Brussels.
"The market got pretty oversold and sentiment got very negative, very quickly," said Max Bublitz, chief strategist at SCM Advisors.
"Now there's some blather about Greece restructuring and containing the European contagion, so markets are responding to that in addition to the fact that technically, we were just really oversold. We've gone through a few of these mini flights to safety, which I think is really the result of debt deflation working its way through the system."
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