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Cheering Crowds And Plunging MarketsThe investor class was not nearly as impressed by yesterday’s inauguration as the political class.Inauguration day 2009 was the biggest stock sell off in the history of inaugurations. Look at financials in particular. I see at least one index down 10%, others dropped even more. I know the drop started before he spoke, but the speech had only one reference to the financial sector and it was a reference to ‘greed’ (at least he used the word ‘some’). I’m pulling for him; I’m praying for him. But the investor class can’t afford to have anything other than a clear eye unencumbered by gauzy hype. To view the entire article, click here. |