The only way Greece could really shift the global financial system is if it causes enough turmoil to force the Germans to object to the quantitative easing measures that many investors expect in January from the European Central Bank. Kelly is short both German and French equities.
"I don't think Greece is that big of a deal" so long as the country does not create political issues within the European Union, added Tim Seymour, managing partner of Triogem Asset Management. He said German equities will rally higher in 2015 and investors should buy the CAC 40 (a French index), as well as the DAX, (Germany's version of the Dow Jones Industrial Average).
Lower energy prices will help the European economy, according to Jon Najarian, co-founder of optionmonster.com and trademonster.com, as will a declining euro.
It takes time for currency effects to kick in, according to Paul Hickey, co-founder of Bespoke Investment Group. As for U.S. stocks, the 0.5% decline in the S&P 500 can be attributed to profit taking, he reasoned. Moves tend to get exaggerated near the end of the year.
Stephen Gengaro, an oil services analyst at Sterne Agee, has a hold rating on Civeo with a $6 price target. The company has high production costs for its oil operation in Canada and a lack of demand for its coal business, he said.
However, the company seems likely to cover all of its debts. The decision to suspend the dividend was likely made in order to use free-cash flow in order to pay down debt and lower the company's leverage in 2015. He has a buy rating on Superior Energy Services (SPN) and Newark Resources (NR) .