There were a lot of reasons to see markets pullback on Friday but most people were overthinking it. Once again Greece has been a sideshow and something that market players largely cannot get past the brinksmanship. We also had China raising margin requirements, and some other challenging headlines.
I tried to be the voice of reason midday on Friday on Power Lunch on CNBC despite the VIX +15% at that point.
The interview also included(but the clip doesn’t) comments on buying DAX weakness after a 5% move in 2 days. Europe remains the best EPS momentum, value, Dividend yield, and has the most to gain in the short to medium term from the currency move lower.
DAX taking back 1.6% this AM. If you want to hedge your currency exposure there are ETFs that can do this for you: $EUFX is one.