Thursday, May 06, 2010
Today, at least, government is the problem:
Worries about Greece's debt crisis and the pending overhaul of Wall Street's regulations sent stocks sharply lower Thursday, putting major indicators on track for a third straight decline.
MORE: Fat-fingering played a part, too. Tomfoolery all around.
Well, that, plus a reporting mistake on a trade that may well have set off automated sell programs (via Capt. Ed). This will have to be fixed (/sarcasm).
Hard to say, BBC. We are all (Europe/US) living on borrowed time/borrowed money. We can pay now or pay later. I, personally, would prefer to get it out of the way, finding that there are so few politicians (abetted by voters) willing to make difficult choices which would alleviate the long term pain.
I am pretty irritated about this. Most of my stops were triggered, some of them several percent under the planned execution point. I am out transaction costs, dividends, profits that existed until this morning. On the other hand, those stops were set after some study, and they may not have been wrong. It's hard to see our present course - nationally and globally - as leading to any wide positive economic benefits. Was there anything rational about this rally, ie, had anything changed so positively as to make stocks in general an investment, where "investment" is the Grahamian "safety of principal and mathematically calculated probability of payouts."
My first thought was to get back in. My second is to think some more.