I read yesterday that the some of our august federal lawmakers may launch an investigation as to why the market took a tumultuous drop on Thursday last and then added more insult the following day.
Good grief! Yes, it was a precipitous drop. But market drops are caused by people and companies who sell stock, shareholders headed towards the exits, often in panic, right after someone screams fire! If there is a fee or reward (hopefully financial) for decoding this mystery, please have the government send it to directly to me.
In this case, the fire was a Greece fire, and a friend sent me an e-mail telling me to short the euro this weekend. While that may be an idea for the long-term, it’s good that I did not leap to it on Monday. Why? Because the euro went up, that’s why.