The Athens Stock Market Is A Giant Call Option

Athens stocks were up 5% today.

chart

This seems to be a daily occurrence: A 5% move in one direction or another, at least over the past couple of weeks.

The market, then, is obviously a giant call option. Either it will go to something closer to 0, or if the economy can hang on, it could be worth a lot more. Every little headline or change in mood sends it swinging in one direction or another.

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