Greece: huge volatility but still growing; what's next?
As we wrote in the morning, the weekly volatility of The Global X FTSE Greece 20 ETF (GREK) equals 7.83%. Nevertheless, the weekly uptrend of Greece equity market is strong and evident.
The highest jump appeared yesterday. Since the end of the Friday's session GREK has soared by 9% in the absolute value and 8% above S&P 500, considering its beat value. The reason of the jump was clearly the leaked Greek debt proposal to avoid the Grexit.
However, the uptrend is older. Since early Wednesday (June 17) GREK has risen by 17% in the absolute value and 16% above S&P:
One must not forget that GREK is still about 60% below S&P in 5 quarters:
This may suggest there is a huge space for growth if Greece and its creditors reach an agreement. But will they? The market seems to expect it. However, there have already been a lot of plot twists in this Greek drama.