Weekly Commentary for May 3, 2011
Job well done by our Armed Forces.
A few folks I saw Monday morning before the stock market opened, told ME this OBL news just “has to be great” for the market. “The market should really fly today” they said.
So…what happened? A thud. Why?
There is no *one* answer for that. Just remember the market will OFTEN do just the opposite of what most folks on Main Street expect it to do.
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The most recent example was exactly one year ago. The euro was in big trouble, because Greece was on the skids, and “everybody knew” Ireland, Italy Portugal and Spain would be close behind.
Many “experts” in the market “predicted” the euro would drop below $1.00. Some even predicted the euro would cease to exist.
Predictions. All predictions. Today the euro is 20% higher…a “gi-normous” move for a currency.
Don’t get too hung up on predictions. Whether it’s from your favorite guy or gal on CNBC or the guy wearing the loud pants and the lampshade at the party this weekend.
They are simply guessing.