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NYSE Floor Trader Jonathan Corpina: Greek Crisis Won't Move U.S. Markets

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NYSE Floor Trader Jonathan Corpina: Greek Crisis Won't Move U.S. Markets

Jonathan Corpina was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.

Major stock indices were lower Friday on fresh worries of a Greek government default, but a New York Stock Exchange floor trader told Benzinga that from his perspective, it's mostly just noise.

No Large Concern Here

The trader, Jonathan Corpina, senior managing partner at brokerage firm Meridian Equity Partners, tells customers not to worry.

"I don't think the Greece move, either way, is going to affect our market," Corpina said. "Yes, it might cause some short-term volatility, but I don't think it's really going to move the market."

European Union officials on Friday held their first talks on
a potential default by Greece on $1.8 billion in bond payments to the International Monetary Fund, now due at the end of June, according to a report posted by Reuters just before 1 p.m. Eastern Time.

"At the end of the day, all the dust will settle and things will come back to normal," Corpina said. "I don't think we're going to see Greece out of the EU."

Separately, Anthony Karydakis of Miller Tabak told the Financial Times that European markets are most vulnerable to uncertainty surrounding Greece, followed by "U.S. equities likely the second most vulnerable asset class in the coming days."

IMF officials broke off talks with Athens Thursday, and EU officials are taking a harder line, according to the report.

But Germany "has shown an ability to flex their muscles and calm the waters," Corpina said. "The longer this plays out, it will just give investors an excuse to stay on the sidelines."

Image Credit: Public Domain

 

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