An Excuse for Every Day

Day by day, the swings recently were dramatic (or melodramatic) as everyone’s fear and greed alternated in power. So far in November, there have been a horrible day (the Greek Crisis), and two great days (the Greek Crisis). Over the last several months, I have heard Greece used as an excuse dozens of times. I sometimes wonder if the market watchers make up the reasons after the swing. If the market goes way up tomorrow, somewhere there is a good economic report to blame. There will also be bad economic reports for the other kind of market. There are almost always bad and good economic reports every day. The reason, however, is irrelevant. Fear and greed are the cause of the daily fluctuations. And irrational behavior cannot be predicted.

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