My my how things quickly change again….., after just supposedly being saved by the EU with the leveraging of the EFSF, Greek Prime Minister George A. Papandreou got all hot and bothered by the Greek public outrage towards the austerity measures, he decides to allow them to make a vote upon whether or not to accept the bailout package and therefore the austerity measures, and now the markets are ….

Thankfully we sold some trading positions (IVL, PTTGC) this morning before this news hit our monitors, but whats next?

1. Greek parliament will have a vote of confidence on Friday.

2. If the government wins there will be a vote on the Referendum in early Dec ’11.

3. If the government loses then early elections as the PM will have to resign.

4. Recent polls indicate that the majority of the Greek population wants to remain in the Eurozone.

5. Greeks still enjoy the sunny weather and beaches.

So, markets globally fall, things will mellow out awaiting the result on Friday and we all await twiddling our thumbs to see what else Europe comes up with until the first quarter next year.

Specifically to Thailand, the SET Index wasn’t hurt as badly as other markets in the region or globally given that we’ve had to deal with the floods and that the majority of the index is tied to commodity prices (which are now falling sharply), we’ll again look to perhaps pick up the same names. Though we wouldn’t be surprised to see a sharp drop tomorrow.