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NBGGY board has been deleted from Ihub. It was quite an impressive funeral for this stock which burned thousands and thousands of US investors. We shall see the volume on NBGIF on Friday. Let the dust settle on the conversions. It would be very premature to touch NBGIF at this stage. We need more clarity how the over the counter exchanges will function post NBGGY demise.
Today was the NBGGY wake at the mortuary.
Extreme volume on NBGGY and NBGIF on a red day.
More of the same tomorrow and Thursday until the ceremonial funeral takes place.
We will all watch NBGIF action on Friday and forget about NBGGY.
As for the overall US market, it all depends if President Trump proceeds with further tariffs against China in particular and the Chinese response.
As for rate hikes, Powell can not go slow as he wants to be ready for the next recession.
In 6 days the market price will be .24 if not lower.
Having said that the more important news is about Mr. Blankfein, CEO of Goldman Sachs, stepping down by the end of the year. He has decided that the Golden parachute will be a tin parachute in 2019. He knows very well that this year will be his last chance to step down with the golden parachute.
His decision speaks volumes about the next few years as the market tanks by 40%. This has also been the conclusion of JP Morgan important executive.
I strongly advise you to rid yourself of all equities ASAP and not dream of selling at the "market top". Greed is good but extreme greed is not.
That is because in 9 days this board will cease to exist.
I really believe the world is at the cusp of a second depression
which will eclipse the 1929 depression. The resignation of Cohn was the first shot. Protect your families. Sell all your equities.
Waterfalls can be dangerous to your financial well being.
As the curtain on this tragicomedy comes down, share price will drop to 0.24 or lower by Ides of March. Never too late to minimize the losses. Sell, sell, sell.
In 1929 there was no kook aid but trust me there were people who were warning their friends about the dangers of protectionism and trade wars.
If the trade war rhetoric continues over the weekend expect at least 2-3 thousand point drop on the DOW by Monday morning.
Be afraid, very afraid.
Gentleman, there is a much larger issue brewing and you are talking about petit bank like NBG. Trade war between US and Europe and the rest of our trading partners will end up in a calamity the world has only seen once in 1929. Trump will push this issue much further because of our yearly trade deficit of 800 billion dollars per year. This trade deficit is unsustainable.
If US resorts to protectionism, which seems Trump is advocating then the rest of the world will retaliate with the same.
Trade will stop and the world will end up in a depression which will make 1929 a walk in the park.
Major banks will go belly up. Soup lines all over the world.
Protect your families gentleman. Liquidate all your equities.
Prepare for the worst.
0 volume for NBGIF. No sellers.
2.5 million volume NBGGY.
Go figure.
This pos is looking down to 0.24 and lower, when the funeral procession starts on March 15, when most of the holders will be looking at liquidation of their stock. Some smart Alec will tell you, yes, you can liquidate and buy NBGIF. The question remains with such low volume on NBGIF and lack of sellers, who are you going to buy from. Some will say you can buy ETE with 1% commission. It sounds to me that ETE will not be a tradable stock for US traders with such a hefty commission and stay up all night so you are following ETE on Athens Exchange.
The sound and reasonable conclusion is to sell this pos and forget about it if you a trader, however if you are an investor, I would wait and see if Grexit stays on the headlines.
Just my humble and non-professional opinion. As always good luck to all of you out there.
7.3 million NBGGY shares traded vs 110k shares NBGIF.
Seems to me everyone is dumping NBGGY shares especially after Grexit resurfaces. Who said NBGGY can not go to zero?
When Syriza nationalizes the bank's all banks will go to zero.
Capish?
I really do not think that NBGGY price will be tied to the Athens ETE price after March 15. That is exactly my concern. Once NBGGY stops being tradable then the price will be manipulated
And why would anyone who has not converted by then leave their shares with a financial institution which can act the way they desire. They will have no fiduciary responsibility. That is exactly why I think NBGGY will have a precipitous drop in the next two weeks. The fact that the volume in NBGIF is virtually zero how on earth people who are interested in this bank will be able to convert if there are no sellers. I don't think American traders are interested in ETE because of the high commission and the time difference between US and Greece.
Again good luck to everyone who is still holding this highly manipulated and uncertain future stock.
I sold my NBGGY few weeks back with all these concerns in my head.
Don't you guys see the intense manipulation. 5 million shares traded NBGGY and measly 110 shares(30 dollars) of NBGIF on Friday.
Obviously there is a big bank which i will not mention the name of, and you all know which bank I am talking about, I suspect has quietly acquired large volume of shares of NBGIF for purposes which will be quite evident in mid March.
The absence of volume traded in NBGIF speaks volumes about
some bank/ large financial institution hoarding the shares to be later manipulated in the most opportune time.
Just saying. Be very careful. I hate to see you get badly burnt.
This is my humble and non-professional opinion.
I certainly won't disclose publicly what my trading strategy is, however I kindly suggest you refraining the use of the word dumb.
Sir, you may disagree with me however your disagreement does not allow you to be disrespectful.
I am so surprised people talking about going in in late March,
or I am long for five years. NBGGY will be dead in three weeks.
You can only be in National Bank of Greece through NBGIF or ETE. Let us see what the volume on NBGIF will be after the demise of NBGGY. The big players have already grabbed all the NBGIF shares and not trading it. That is why the volume was unbelievably low today. They will crush NBGGY to,the smitherins by March 15 and then jack up NBGIF so you are forced to sell NBGGY low and buy NBGIF high. Don't fight the big boys on Wall Street. Selling now is the best course of action before the big boys dump this into the dirty laundry hamper.
To the person who deleted my post, do you think a negative day with a high volume speaks well about the fate of this stock.
2 more weeks and this stock will be one for the history books.
Yes, there will be some adventurist traders who will "slap 153k shares for 0.344" but the majority of the shareholders have realized the funeral date is getting closer and closer and don't want to hold an empty bag. The next couple of weeks volume will spike logarithmically to astronomical levels who will " sell slap 1 million shares at 0.23 cents".
Perhaps if I say In MY HUMBLE OPINION my post will not be deleted.
I agree with you that further drop to 24 cents would be a screaming buy. So,why not have enough dry powder so you can capitalize on that opportunity. As I said in my previous post, Bank of Melon wants its 4 cent conversion fee in advance
plus other fees associated with the conversion.
I am ready with my dry powder to buy heavily NBGIF as soon as NBGGY blows up into oblivion at 24 cents. The real dilemma for me would be if I can find enough sellers of NBGIF at that particular instance. I guess time will show.
As we get closer to the demise and delisting of NBGGY we will see a marked acceleration of the sell off. It will be a forced sell off with the exit doors being jammed. The lack of buyers will eventually push the share price to ridiculously low levels.
Today's evidence that NBGIF and ETE stood their ground and NBGGY lost major ground is further indication of the dichotomy.
I want to reiterate that the best course of action for NBGGY holders to sell their positions before it is too late. I, for one, do not believe in miracles, hence the prudent approach would be liquidation of NBGGY positions ASAP. Moreover Bank of Melon, as I understand wants the 4 cent conversion fee ahead of the conversion. There are also other hidden fees for the conversion.
If you are in love with this bank, myself included, then you can always buy the NBGIF yourself instead of going through the conversion process. The only deterrent is the volume of NBGIF at this time. As volume picks up, as I anticipate after the demise of NBGGY, then it will be business as usual. Until then I wish good luck to all the diehards who believe that this stock will make them millionaires in five to ten years. I do believe that Greece has a bright future with all the reforms legislated. Once New Democracy takes the helm of the government, a probusiness environment will take hold and eventually Bank of Greece will shine.
A week ago I warned everyone that there is clear evidence of a head and shoulder pattern developing.
Greece fails to receive 5.7 billion tranche today. It will receive in mid March if two pending prior actions are passed. Expect a big drop at the open tomorrow. My predictions are coming through. The stock will be crushed until mid March when NBGGY funeral is held and NBGGY share holders will be holding an empty bag before they are forced to surrender their stock.
I sold two weeks ago.
I did not mean to be impolite to you. I was just expressing my take on this stock. I apologize if I offended you in any way.
NBGIF volume on Friday was 30k. That is equivalent to 10k dollars. That is equivalent to one Bitcoin. Pathetic indeed.
I suggest NBGGY holders to sell at the open if you want to save whatever money you have in this crappy bank. I would not be surprised if Varoufakis(the previous finance minister) was shorting this stock in 2015, making gazillions through a blind trust account.
As we get closer to the funeral the big players will crush this stock to low 20 or even in the teens and the NBGGY holders will be forced to sell or surrender their stock. It is checkmate.
I will not be surprised if they bring it down to one cent. You will not have anywhere to hide. Game over. Adios amigos.
Once NBGGY is dead, are you going to trade NBGIF with a measly volume or ETE with 1% commission. Get real.
I am waiting to see what happens to NBGIF volume come March 15. If the volume spikes then NBGIF can be tradable otherwise you should forget about this bank and move on to greener pastures.
I have no idea why people on this board are still discussing about NBGGY. The funeral date is set in two weeks. Perhaps you should discuss whether the coffin should be mahogany or oak. Lol
NBGGY and NBGIF volume getting closer today.
My guess is that more awareness at the demise of NBGGY pushing traders and investors towards NBGIF. I think as we get closer to ides of March NBGGY volume will dry up and NBGIF volume will skyrocket.
So far in 13 minutes 690k shares traded in NBGGY and zero shares in NBGIF.
Go figure.
I really doubt that people do not know about the funeral date of NBGGY. I knew about it officially from Schwab when they emailed me about the date of the dissolution and what my options were. I am sure the rest of the brokerage firms sent similar emails to NBGGY holders.
I am really surprised at this late stage of NBGGY existence there are still 1.5 million shares traded thus far compared to 38,000 shares of NBGIF.
What are NBGGY holders waiting to convert to NBGIF.
NBGGY chart looks like a clear head and shoulder formation.
Just saying.
Transferred my NBGGY shares from Schwab to Fidelity.
It took me five days. Now I have the flexibility to either exchange to NBGIF or sell the shares and buy ETE on the Athens exchange. I have five weeks to decide. I am leaning towards ETE because of the liquidity but boy the 1% commission is a killer. I am a long term investor in NBG and planning to buy and sit on it for 3-5 years. Planning to load up more until stress test results in May.
Good luck to all.
Greece January PMI 55.5 up from 53 in December.
Bullish.
IMHO it all depends on what the current NBGGY holders will decide next month.
If majority decide to convert to NBGIF then the trading volume will increase however if majority decide to sell NBGGY and buy the ETE then NBGIF trading volume will be low.
Personally, I am in the process of switching my account to Fidelity so I can have the option of both. I am leaning towards ETE. The commission is much higher on ETE but I am in this for the long haul and most likely will not trade it. Also the Athens trading hours are inconvenient to US traders.
Good luck to all.
Thanks a bunch for the advice.
0.385 dollars equals 0.31 euros.
Ete is trading at 35 euros.
So the NBGGY ADR is 12% behind.
This is mostly because the dollar is weakening. One dollar is 1.23 euros.
If you convert to ETE today you will lose 12% of your shares.
If the ADR was 44 cents today then you would not lose during the exchange to ETE.
Also, if I am not mistaken there is 1% commission to buy the ETE on the Athens Exchange.
Please tell me if I am wrong.
Thanks.
Please help me out.
How many ete shares in euro can I buy with 22000 dollars.
Also what is the commission for this transaction with Fidelity.
NBG subsidiary Ethniki Insurance is very close to be sold, further strengthening capital base of NBG.
NBG independence from ECB ELA and Greece credit upgrade from B minus to B will pop this puppy above .40 on Monday.
Setting up for a 10% bump on Monday.