The market is taking another out of control hit today. It’s a volatile market, some say. Others call it erratic. A couple of days ago it took a big hit on news that some banks were doing worse than expected. Wow, who would have suspected that? In spite of the euphoria of the inauguration and reassuring news from some sectors of the economy, the entire market fell like a rock. Then, for no really good reason, it rose the next day to recovery most of the loss. I guess the inauguration euphoria kicked in. Today, it’s another free-fall on news that Microsoft may cut 5,000 jobs. It’s hard to know exactly what is going on with the market because it appears to behave in totally irrational ways.
It reminds me of a grade school recess soccer game with thirty kids on each side all trying to chase a ball in uncontrolled pandemonium. But it’s not even that. The big time market traders who initiate these wild swings are nothing but hyperactive, amateur gamblers rushing about from rumor to rumor hoping to place their bets before someone else does with absolutely no idea of what game is being played. They would object, of course, after all, they have their MBAs and advance degrees in economics. I think that’s nothing but a thin cover for their ignorance. In the meantime, those of us who are relying on our investments to fund our retirements are getting pretty tired of being jerked around by people who treat our savings as if they were their own poker chips to play around with.
