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As Mr. Market waits for the "will they or won't they" news on Greece, he is telling me that worrying about Greece is so...last year. Despite all of the angst about a possible Greek default, the Greek stock market has been rallying and outperforming the Euro STOXX 50 in the past few weeks.

Worries in the eurozone have shifted to Portugal, whose stocks have been dramatically underperforming.

All is not lost for the bulls. The Portuguese market is staging a tactical rally and testing its downtrend line.

In addition, Portuguese 2 year yields, which had spiked above 20%, are now in retreat, perhaps indicating that Mr. Market is anticipating further relief from the ECB's LTRO2 program.

That's why I am relatively sanguine about the risk trade. If this is the worst that Mr. Market is worried about, it's time to get long and stay long.

Cam Hui is a portfolio manager at Qwest Investment Fund Management Ltd. ("Qwest"). This article is prepared by Mr. Hui as an outside business activity. As such, Qwest does not review or approve materials presented herein. The opinions and any recommendations expressed in this blog are those of the author and do not reflect the opinions or recommendations of Qwest.

None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions. Past performance is not indicative of future results. Either Qwest or Mr. Hui may hold or control long or short positions in the securities or instruments mentioned.

Source: Worrying About Greece Is So... Last Year