Can The National Bank of Greece (NBG) Bounce Back?

The bad news just keeps coming for Greece. Fitch downgraded the National Bank of Greece (NBG) today. The downgrade reflected "Greek banks debilitated risk profile, particularly regarding their liquidity and funding position as a result of increased sovereign concerns." Consumers have been pulling money from Greek banks all year. Greek banks have lost over $14 billion in deposits all week. The National Bank of Greece is facing a liquidity crunch and asking the Greek government for cash injections and loan guarantees. The news wasn't all bad for Greece however. Greek bond yields fell for the first time in a week. The yield on Greece's bonds had been rising due to fears of a default. There is an increasing belief that the European Central Bank will step up and bailout Greece. Any additional assistance to Greece's banks and National Bank of Greece should continue its upward momentum. National Bank of Greece rose almost 10% today. On CNBC's Halftime Report, Brian Kelly suggested that aggressive investors buy National Bank of Greece. He thinks that the stock will benefit from a short squeeze. This stock is not for the faint of heart. This stock is as likely to pop as it is to drop.