On the other hand, Petros Steriotis, CEO of portfolio manager Cypriot Investment Fund, believes that although the upward reaction of the last meetings from the low of 5 months is welcome, he does not consider it reliable. A strong “bounce of the dead cat,” he describes it, using stock market slang. Key will be the multi-day stay (or not) of the general index above 1,140-1,160 units, an area considered a “battle fortress”, as this is where the long-term, two-hundred exponential moving average lies.
According to Mr. Steriotis, whatever we say (for and against) about the trend and counter-trend of ATHEX, the international (and consequently also the Greek) investment environment is affected by developments in the Middle East, Oil, the high volatility of bond yields and the feeling that Central Banks have “slightly lost”. As far as the geopolitical turmoil in the wider area of the eastern Mediterranean is concerned, the Markets have so far reacted coolly, which shows that in the Stock Exchanges, sometimes negative news is perceived as a reason to rise and tumble, he concludes.
Πέτρος Στεριώτης (Χρηματιστής) Petros Steriotis 