In the after hours, an historic vote in the parliament of Greece cleared the way for the debt ridden nation to receive another bailout.
By surviving a vote of confidence, Greek Prime Minister George Papandreou has demonstrated to the EU that his majority party can get new austerity measures passed, despite growing public opposition.
That’s important because those austerity measures are a pivotal condition, that Greece must meet to receive the next batch of funds.
Although the outcome was considered extremely likely, now that Greece has cleared this hurdle the chances of a ‘Lehman-like’ financial meltdown are far less likely.
On Tuesday’s Fast Money Melissa and the gang provided in depth coverage of events as they were unfolding and how to position.
Following you’ll find... derrivative trades. Or click below for the impact on another area:
We’ve broken it down as follows:
- Impact on Markets- Impact on Currency- Impact on Banks- Impact on Commodities- Impact on Europe’s future- Derivative Trades
Tim Seymour suggests keeping an eye on industrials. He thinks the vote combined with Fedex results due Wednesday may confirm a growing belief on Wall Street that the second half of 2011 could be better than expected. “It could be a catalyst. I think we're going to see the dollar go lower and risk assets go higher.”
Karen Finerman is also bullish – she’s a buyer of Cummins Engine and tells the desk to keep an eye on BMW, which hit an all time high.
Brian Kelly is also looking for the market to embrace risk. He suggests owning Freeport.
Looking at Apple’s sharp decline on Monday and then advance on Tuesday, trader Guy Adami says $325 was a former level of support and now he expects it to be resistance.