“What caused this sudden collapse appears to be the coming Nov. 7 austerity vote, which will determine whether or not Greece gets further bailout money. In the midst of the post-Hurricane Sandy period and the U.S. presidential elections, a major warning from Greek stocks may be underway for risk assets,” he said.

Technically, the Greek ETF has bounced the past two days at its 50-day simple moving average, which provided support over the summer before a big rally.

Global X FTSE Greece 20 ETF