Greece Price Action Looks like the Fundamental Situation

The FTSE Greece ETF (GREK) has turned to a clear range. The consolidation after the substantial decline is somewhat surprising and somewhat not. On the one hand, the situation is not being resolved. On the other, there has already been substantial depreciation against other Eurozone markets where QE has offered strong levitation. A range now looks like a price equivalent of the uncertainty as to whether negotiations go through (GREK rallies) or a crisis unfolds (drops).