Thursday, August 04, 2011
Get ready for Black Friday. (I claim credit for today's market crash!)
I did it. Or my financial planner at Wells Fargo did it. We decided early Wednesday to celebrate the “Deal” and spank Congress for its boorish behavior by selling out bigtime, going “conservative.” We told the market, “go ahead and tank Thursday.” It did.
Actually, Wall Street stampeded today more from fear over what is going on in Europe, where countries really can’t pay their bills, than from Congress, which went on recess even before it settled the FAA problem (it did that in absentia, today). President Obama can deal with reporters by himself now, and then he gets to go on August vacation, too. (Bill Clinton and George W. always went on vacation this time of year.)
Asian markets are tanking tonight.
Oil and even gold went down today. So survivalist eagerness for gold took a hit, too.
Everybody ready for Black Friday?
Actually, I think the 1987 crash happened on a Monday, and so was Aug. 31, 1998, as I recall. Over a weekend, investors can worry even more at the Fire Island or Hamptons parties.