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Instability in Europe, protests in the streets of US cities and the implosion of a big Wall Street trading firm—it all adds up to be a good time for some investors to hang on the sidelines until the storms pass.
“All of these things are intertwined,” Dennis Gartman, the hedge fund manager and author of The Gartman Letter, wrote this morning. “Tear gas on the streets of Athens; students being arrested in the streets of NY… these are symptoms of economic sickness and the markets collectively came to that conclusion yesterday and voted, in virtual tandem one with the other, that the sidelines are a better place to be than involved.”
That mentality has taken over the markets lately, with trading volumes depressed as October’s near-record rally has given way to a cold wake-up call in November.
For Gartman, there are four things making the market too gut-wrenching for many investors: 1) Rioting in Greece against forced austerity measures; 2) worries that the Occupy Wall Street movement could swell into a larger market protest; 3) the collapse of MF Global, which went bankrupt after bets on European debt went sour; and 4) revelations that the European debt contagion could be moving to the steadier economies of France, Belgium and elsewhere.
Of particular concern is the OWS movement, which continues to garner widespread media coverage even as its members are getting evicted from their encampments in New York and elsewhere and the numbers appear to be dropping.
“The concerns about the banking system; the concerns about the supposed “unfairness” of the tax system; concerns about Wall Street’s power have all coalesced in this motley, ill-tempered, un-sophisticated movement,” Gartman wrote, “that at the moment has very little in the way of concrete philosophy to guide it but which nonetheless seems to have engendered wider support than we had ever thought possible.”
Stocks have fallen more than 4 percent in November, even in the face of gradually but consistently improving economic data in jobs, housing and manufacturing.
Originally posted by daryllyn
Even if their message isn't clear, even I don't agree with every aspect
Originally posted by gimme_some_truth
Originally posted by daryllyn
Even if their message isn't clear, even I don't agree with every aspect
Can I ask you a question? If there message is not clear ( And I agree that it is not) How can you know whether you agree with ever aspect of their message?
Just a thought I had. It's early and I need a smoke. Don't mind me.