BREAKING: Tsipras Conceding on Points, Schauble Unmoved – Beware Rumor, Conjecture & Negotiating Tactics

Be careful about reacting to the minute by minute rumor and conjecture dished out by European players with interest in maintaining financial market stability, and also beware the big news break that each media outlet wants to be first to report. Throughout this Greek crisis, there have been erroneous reports about resolution and breakthrough, and nothing has come of any of it up to this point. This morning, I awoke at precisely the moment Bloomberg TV was reporting Alexis Tsipras was conceding significant ground via a letter and based on a tweet from an FT reporter (his full report is below). But reports like these have misled investors in the past, as it seems the Europeans on both sides of the table have been careful to maintain order and stability in the euro and financial markets, and I believe at times have misled the media. So, let’s wait and see before we react. See the full report on Tsipras' letter here. 

Relative Securities	Yesterday	YTD
SPDR S&P 500 (NYSE: SPY)	+0.2%	+1.1%
iShares Europe ETF (NYSE: IEV)	-0.8%	+5.4%
WisdomTree Europe Hedged Equity (NYSE: HEDJ)	+0.02%	+11.9%
Vanguard FTSE Europe (NYSE: VGK)	-0.6%	+5.7%
iShares MSCI Germany (NYSE: EWG)	-0.8%	+4.0%
Global X FTSE Greece 20 ETF (NYSE: GREK)	+6.0%	-26.8%
CurrencyShares Euro Trust (NYSE: FXE)	-0.8%	-7.4%
iPath S&P 500 VIX (NYSE: VXX)	-1.0%	-35.1%

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