Wall Street is closed today for the U.S. Independence Day holiday (tomorrow, Saturday, July 4); investor sentiment was mixed during yesterday’s trading session. The DJIA hit a new all-time high, while the Nasdaq was in the red, dragged down by a 7.4% drop in Tesla’s stock.
All eyes will therefore be on the New York Stock Exchange on Monday, given that, based on current information, no dramatic developments are expected in the Middle East until the start of next week. You never know, but for now, the CBOE VIX stands at 16.15 points, the U.S. 10-year yield is at 4.465%, and the 30-year yield is at 4.985%.
On European stock markets, following yesterday’s rally, the only thing that could temper the bulls is the “spike” in oil prices, which earlier reached $71.28 for Brent futures. Above all, Lagarde’s reassuring tone from Sintra, Portugal—which reduces the likelihood of an immediate new interest rate hike at the ECB’s next meeting (on July 22–23), was one of the reasons behind yesterday’s reaction in Frankfurt and Paris.
Earlier, DAX futures pointed to a higher “open,” following the rebound in Asian markets in the early hours of the morning.
With broad-based gains, as Thanasis Stavropoulos aptly noted, yesterday’s new rise saw the General Index at 2,505.37 (0.97%), its highest level since November 18, 2009. The DTR stood at 2,842.42 (0.78%) and the FTSE 25 at 8,357.35 (1.09%), with a trading volume of 310 million euros. Trading in bank stocks totaled 18.14 million shares out of a total of 29.25 million shares traded, a clear indication of increased inflows into bank stocks and blue chips.
The 68.9 million euros in pre-arranged orders (primarily in PPC, OTE, GEK TERNA, and bank stocks) suggests position rebalancing rather than profit-taking at “local highs.” In practical terms, this means that “strong hands” entered the market yesterday within a range of 2,803–2,852 points (for the DTR), looking to lock in profits.
At the same time, the convincing rise in bellwether stocks such as Motor Oil (41.08), HelleniQ Energy (10.94), PPC (23.32), Viohalco (19.06), Metlen Energy & Metals (42.18), and Coca-Cola HBC (59.10) reinforces the view that “strong hands” are buying.
Specifically, for Coca-Cola HBC Group shares, the record of eight out of nine trading sessions with positive gains is attributed to buying “tail” from London/LSE. The main reason, as HAMailon aptly notes, is the acquisition of Coca-Cola Beverages Africa, which is changing the landscape for the group.
With the long trend in large-cap stocks, this opportunity would not go to waste for those active in mid- and small-cap stocks. Notable examples include AVAX (3.725), with Stelios Bouras “charting” the group’s shift toward concessions, energy, and real estate.
Alter Ego Media’s stock stood at 6.03 euros on a day of celebration for the major shareholder and Olympiacos fans (with the unveiling of the new “Karaiskakis” stadium), while Profile shares rose following the announcement of a capital return (0.20 per share), while DotSoft shares rose to 36.20 (9.70%)—with HAM providing details on the new... practices regarding community updates, at 7.22 (4.03%); Space, among others, out of a total of 77 stocks with positive gains versus 47 with losses.
The General Index is up 2.29% for the week, the DTR is up 3.30%, and the FTSE 25 is up 2.48%. These gains may prompt some investors to cash out, though the buyer-to-seller ratio clearly favors buyers.