It’s absurd to me that Greece, which is thousands of miles away, with little to no impact on our country, can have this kind of effect on our stock market.
It’s plain ridiculous and I believe traders are using Greece as an excuse to sell.
FEAR! Fear is the thing that drives people to sell — whether rational or not. In this case, it is absolutely irrational fear and a bout of panic selling.
I honestly believe this is a great buying opportunities for those waiting on the sidelines wanting to get into the market. You get almost a 10% discount on stocks — let’s call it the Greece Panic Sale, all merchandise 10% off! Ok, I’m just playing.
Anyways, since there’s really no news driving the market except that huge bold headline on Yahoo! Finance that reads something like “DOW DOWN 900 POINTS” — just think of today as a really really great time to jump into the market. The economy continues to improve, job market is slowly recovering, and all signs point to a good year for the market and for the economy. Today’s “fearmongering” due to Greece is — for the lack of a better word — STUPID!
Market makers don’t make money if the stocks don’t move…whether up or down. This Greece thing, in my opinion, is just another stupid reason for traders and brokers to make some money off the volatility.
And as I was telling my buddy Anand who works for Apple (NASDAQ: AAPL) — “Greece? What a joke. Now, when Apple starts losing money, THEN I’ll start panicking!”
Disclosure: No Positions