Back in September 2011, I wrote a post titled Time to Get Bullish on Greek Equities? My conclusion was that even after a 87% decline from the peak in the flagship Greek equities index, the Athex 20, another 50% drop shouldn't be unexpected, and that Greek equities were still very expensive.
Well, my analysis and prediction turned out to be correct, since the GRE Athex 20 ETF hit a new all time low of 1.10€ yesterday, which is about a 40% drop from when it was trading at 1.90€ in September.
I won't an as much in depth analysis as the first post, but we are indeed now reaching levels which make it worthwhile to consider buying the index. There are still many banking shares in the index, making it likely to really fall to my target area of 0.95€ but I'm definitely keeping an eye on this ETF, and I might even start building a small position, which I would then increase depending on what happens next.
With Greece on the verge of total chaos (I'll write a post about that as well), there's blood in the streets and the bottom should be near!