Last week I was bemoaning the lack of news and quite frankly this week wasn't much better. However, there has been the never ending story of the inevitable (?) Greek default which is no doubt is a woeful situation for all the Greek citizens to endure. They do seem to be a bit confused though as they seem to be protesting about the austerity and cuts demanded by the Europeans but at the same time they want to stay in the Euro.
Any way it seems that the rest of the world is not too worried and as the FT says: "Despite the acrimony between Athens and its international creditors, many investors still believe a deal will be struck — because both sides have too much to lose. In 2012, many lost money underestimating historical and geopolitical forces binding the eurozone. Such optimism is particularly strong among US investors, according to one European banker. “They see Greece and they don’t see Greece — they expect something mysterious will sort it out."
This sentiment was apparent in the US this week as stocks, including those on Nasdaq hit record highs this week as the Fed was seen as reassuring about the likely pace of rate rises when and if they start and Fitbit the latest tech stock which offers wearable technology went to a 50% premium on its debut. I guess you could read this two ways wither it shows the US market is still bullish and leading the way or it is getting overheated as tech IPOs go to crazy premiums much like 1999.
So endeth the week with no resolution to the Greek tragedy and another meeting with EU leaders scheduled for Monday. I guess they are hoping to bang some heads together over the weekend and come up with another fudge to keep the Euro on the rails and pretend that Greece can keep making its payments on its debts even though it clearly cannot afford to do so.
As for next week I note we have results on Thursday 25th from Photo-Me (PHTM) which features in the Compound Income Scores Portfolio and which I wrote up recently here. I note that the shares have continued to languish around the 140p level and the results could prompt a move either way depending on how they are received, but if they are well received then I maybe they could test the 150p resistance level perhaps?