Yesterday a reporter contacted the desk in regards to the monster global equity rally where the SPX for instance recouped all of its June losses and then some to close at its highest level since May, and is pushing up against the 2120 level once again.

“Greece” was mentioned all day as the potential catalyst, and of course the possibility of a resolution there, but curiously the Greek equity market did not take off as one would expect if it was indeed the fuel behind the global equity strength.

The only targeted Greece Equity ETF strategy out there, GREK (Global X FTSE Greece 20 , Expense Ratio 0.65%) has behaved rather oddly in the past twenty four hours, for one can look at a simple candlestick chart from yesterday’s action and see an exaggerated early morning rally that was absolutely squashed as the day wore on, although the fund is up about 3% in the early going today.

Year to date the fund is still down nearly 19%, and is currently well below its February high where it actually had a $14 handle briefly. Trading volume in this fund has been above average lately as we might expect, but volumes are not exactly astounding in the product.

The fund is rather highly concentrated in a few single equity names, as we look at top holdings that appear as follows: Coca-Cola HBC AG (19.91%), Hellenic Telecommunication Organization SA (9.93%), and Greek Organisation of Football Prognostics SA (9.47%).

From a sector standpoint the heaviest lean is to the Financial Services sector (27%), followed by a 20% weighting to Consumer Staples. Perhaps most interesting is that the market caps of the entire index all lie outside of the large cap arena, literally.