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Free Floating Anxiety . . . or Thankfulness

11/23/2011

I hate to be a scrooge as the holidays begin, but I do wish we could postpone Thanksgiving tomorrow.

The European financial crisis smouldered in Iceland and Ireland before igniting in Greece.  Then, the first “too big to save” country (Italy) came under attack from the bond vigilantes.  Last week, Spainish interest rates rose dangerously, and France barely held onto its AAA rating.  Most worrisome, the German bond auction nearly failed today, with their rates rising.  The German AAA bonds are paying higher interest rates than our AA bonds.

I will be thankful for many things tomorrow . . . but not that the stock market in America is closed when Europe’s market is open.

The market is down about 170 points as I write this, reflecting continuing anxiety about Europe, as well as the desire of day-traders not to hold stock over the long weekend, especially when Europe is open . . .

Historically, the market is up 70% of the time during Thanksgiving week.  Welcome to the 30%!  This too will pass . . .

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