The reaction to European markets is widening, led by the banking sector and the Athens Stock Exchange's outperformance.
The session started with a mild upward trend, and developments in Frankfurt and Paris accelerated when S&P500 futures on the Wall Street futures market turned 0.33% higher.
Analysts are talking about an upward correction, but relief rallies are also part of phases where traders and investors act under pressure from situations such as the current one, with uncertainty and volatility at high levels.
The DAX30 is at 24,185 (1.84%), the CAC40 at 8,201 (1.21%), with the EuroStoxx Banks in complete reversal. From an initial low of 245.13 to a recent high of 253.29 (2.01%), this is the main reason for intraday/trading focused on the 4+3 stocks in the sector on the Athens Stock Exchange.
Given the "shallow" nature of the bank-heavy stock market, where foreigners (and... foreigners) are in control, the ongoing +6.31% at 2,410 points for the Banking Index comes... logical, as does Tuesday's minus 6.90%, following Monday's minus 5.01%, and so on.
Volatility at its maximum range, between 2,563-2,256 points, huge differences in intervals of 2-3 sessions, with a corresponding result (either negative or positive) for a short-term player. And indeed, according to general estimates, "fast money" has had a strong presence from the beginning of Monday until today, as some bought Monday-Tuesday's supply and others are collecting today's.
Of the 27 million shares out of a total of 34.8 million, transactions are mainly concentrated in the four systemic banks, while a significant share is also traded in the three non-systemic banks.
National Bank (13.255), Alpha Bank (3.442), Eurobank (3.654), and Piraeus Bank (7.44) are the top four stocks in terms of trading volume and turnover.
Cyprus Bank shares are at 9.10 (5.57%), Optima Bank at 8.96 (4.92%), and Credia Bank at 1.2120 (8.21%).
Increased inflows from the start of the session, with turnover at €235 million (at 14:00), approximately one-third of yesterday's total.
DEI at 17.80 (4.09%), Metlen at 34.96 (4.80%), GEK TERNA at 33.98 (5.33%), OPAP at 14.96 (1.83%), Jumbo at 23.92 (1.52%), the next five blue chips, while EYDAP stands out among the mid caps.
Trades of 560,000 shares (14:05) with orders in the range of €7.89-8.58, taking into account the generous premium (37%) paid by GEK TERNA to acquire 9.71% of the share capital (from John Paulson). This move was also symbolically "heard" by the community, essentially constituting the first significant business action amid a very strong market correction.
On 113/15, the ratio of shares with a positive/negative sign. A ratio... agelaios -from the long side-, similar to the short side in the previous two sessions.