Key Market Views: Sitting Out The Greek Tragedy

Global headwinds are building and we continue to hold to our cautious view on financial markets, first outlined in mid-April, when we chose to hold off a bullish position on Brazilian stocks (see 'Bovespa: Holding Off For Now' on April 14). Having initially refrained from turning outright bullish the Bovespa on the basis of technical momentum indicators, our caution appears to have been justified, as the Greek debt debacle enters a new chapter, with some form of default is now looking increasingly likely (see today's Greece coverage in the Europe section of our Global Daily Financial Alert).

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