ATHENS, GREECE — The Greek market is surging like crazy today.
The benchmark Athens Index is currently up 8.5%.
What’s going on?
According to Greek stock market participants, there are “secret polls” that show the pro-bailout New Democracy party is leading and likely to win this Sunday’s election.
Technically, polling is banned for the two weeks prior to the election, but the parties and so forth are still keeping tabs on the mood of the electorate, and these polls can get out.
Furthermore, Greek betting sites have shown also a spike in bets placed on New Democracy, and this too is seen as evidence of a shift.
So traders like the stability of the pro-bailout, conservative New Democracy party over the chaos of the left-wing SYRIZA party, and thus at least right now are speculating that the status quo wll remain.