Why No Rally After the Greek Deal?
So now the 2nd (and final?) Greek bailout deal is in place. Yet US markets had a fairly breakeven finish.
Where is the rally and ticker tape parade you ask?
In short, we already enjoyed that rally over the last two months. Remember that the stock market is always forward looking. So the completion of this deal was fully expected and already baked into stock prices.
Yes, there are concerns about Greece not being able to follow the strict austerity rules. And yes, they might go through an elongated recession or depression. However, the situation in Europe is better than before and this deal buys time to continue to heal the problems with bigger nations like Italy and Spain. Speaking of which, both nations are seeing their bond rates go down which is a sign that things are on the mend.
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