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A White Knuckle Day

While there's little to no doubt that "something" happened, to exascerbate the sell-off on Thursday, the important thing to focus on, in my opinion, is that what's going on in the Eurozone is most definitely pressuring the markets in a most negative fashion.

What some fat fingered trader at some prop desk may, or may not have done, only added some frisson to what had been shaping up as an another fairly seriously down day. I'm of the opinion that those who have been pooh-poohing Greece's problems as a tempest in a teacup, are missing the big picture, so to speak. Just as a carelessly discarded cigarette, or an improperly extinguished campfire can burn down a whole forest, severe problems within a small nation can quickly flare out of control.

From where I'm sitting, it appears that the various actors across the pond, are making the same mistakes that were made here, when the subprime and other credit problems first appeared here. Ignoring the problem when it first appeared; then, when that became increasingly difficult to do, responding with "half-measures".....believeing that anything else might cause a panic. Finally, when "something" causes the situation to spiral out of control, "Defcon 4/Red Alert" is sounded, and there's rush to man the pumps.

To err on the side of caution, seems to be missing from the play book.

Disclosure: No positions