The Full Catastrophe

In the words of the great fictional character of Greek fame, Zorbas, it’s “the full catastrophe.” Ironically, when Zorbas made that reference in regards to his marriage, he had no idea that his beloved Greece would also wed into the full catastrophe with the Eurogroup someday. Friends, in the week ahead nothing will matter more to global investors than the developments in Athens. In fact, a global stock market correction is possible. The Spanish leftists have not yet begun to protest; the Italians have not yet organized. When they do begin to show their opportunistic politically motivated support for Greece, and they will, things will get worse before they get better. That goes for the euro, European debt and equity markets and global stability, which rubs off over here. See my stock market report here.

Sector Security	YTD
SPDR S&P 500 (NYSE: SPY)	+3.0%
SPDR Dow Jones (NYSE: DIA)	+1.8%
PowerShares QQQ (Nasdaq: QQQ)	+6.6%
iShares Russell 2000 (NYSE: IWM)	+7.5%
Vanguard Total Stock Market (NYSE: VTI)	+3.8%
iShares Europe (NYSE: IEV)	+9.8%
Global X FTSE Greece 20 (NYSE: GREK)	-14.3%
iShares MSCI Germany (NYSE: EWG)	+9.2%
SPDR Gold Trust (NYSE: GLD)	-1.3%
CurrencyShares Euro Trust (NYSE: FXE)	-7.2%

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