Wall Street is nervous! (That's news?)
Wednesday, Sep. 30, 2009 at 12:07pm
Wall Street is nervous this morning. True, there was a positive report on Gross Domestic Product. But the employment and manufacturing has its panties in a twist. It's like Yogi Berra said. Half the game is all mental.
For a while, we were in a pleasant trough. Not every story was about how the market was reacting to its latest bout of gas. But I can feel the whole big machine rolling back into the comfy groove where it sat before the fall of 2008. There is truly a dearth of interesting business news right now, unless you think the demotion of the G8 in favor of the G20 is big news. If there's no news, what else is there to do but follow the market.
Following the market means explaining why it does what it does on any given day. That's nonsense, of course. Nobody knows why the demented, greedy beast does what it does on any given day. So folks look at some of the numbers and try to sound authoritative. GDP news is positive. That's good, right? So why isn't the market up? Because of unemployment, naturally. But doesn't the market sort of LIKE unemployment? Sure it does. So why isn't it up? Could it be ... manufacturing? Sure!
It could also be that Sasquatch was rumored to be at a Starbucks in Tacoma.
Take it easy, Street! Feel better fast! You can do it! You don't even need a reason! And that, my friends, is a proven fact.