Oil Appears to have Bottomed; Greek Drops Debt Haircut Proposal; Australian Central Bank Cuts Key Rate 25 bps
Oil is up 14% over the past 2 trading sessions. Yesterday the oil rally took up the entire stock market even with negative data on the economy. So my guess is that oil has finally found a bottom. I didn't understand yesterday's rally at first, but now looking back, oil is the only positive thing going on yesterday. At least today there is some positive news on the Greek debt negotiations, so the Greek bond market thinks, rallying 95 bps. The new Greek government appears to have given up it's proposal for a haircut their debt. The ASE Index is up 8.7%. Alls clear to buy stocks again!