National Bank of Greece SA (NYSE: NBG) is up on hopes that that either a German-led or EU-led bailout or aid package will end the country’s woes. It is not just important by how much higher this stock is today, but the notion of the major trading volume is extremely important. This has become the trader’s proxy stock for an EU or German bailout of Greece.
The 18.4% gain is more than impressive in the ADRs to $4.05. Throughout this entire crisis yesterday was the zenith… 5,080,700 shares with a $0.52 loss to $3.42. We still have 2 hours and 45 minutes of trading to go before the close and this has traded 8.87 million shares as of 1:17 PM EST. This is more than 6-times normal trading volume of 1.46 million shares.
This number of shares won’t seem like much to the traders who trade $1 stocks that trade 50 million shares in a day. But this is the most active trading day far going back to at least 2006. That is called a proxy stock if you ever saw one.
JON C. OGG
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