June 29, 2015 - Greece is once again causing market volatility. While the outcome of the upcoming Greek vote is uncertain, recent opinion polls show most Greeks want to stay in the Euro and we believe they ultimately will. The European authorities are also much better prepared to preserve the integrity of the Euro area in the face of Greek turbulence. The banking system is much better insulated from Greek debt and the ECB is now armed with stronger instruments - ECB actions should be prompt and aggressive relative to the past. The financial stress indicators that spiked in 2011, when Greece was last center-stage, are currently well-behaved. While we expect further volatility and a near-term flight to safe haven assets, this should ultimately provide an entry point into blue chip, dividend paying stocks - especially European stocks. Click here for the full Weekly Bulletin.
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