Friends
Just an update on today’s market action in response to the events in Egypt. Stocks sold off today as images of unrest in Egypt dominated the news cycle. The Dow Jones Industrial Average ended down 166 points. As we discussed this morning, a pullback from the noted resistance levels would not be surprising and Egypt gave traders a reason to sell some stocks today. It is always impossible to measure the true extent of these events in the short run, but the reaction in the market place was for gold and oil to rise as stocks sold off. We had rioting in the streets last year in Greece which caused a short-term selloff. Perhaps this is the event that gives the bears their fodder.
We will look for things that we want to own to get to prices that we want to own them at. As always, look for opportunity amongst the disruption.
We’ll check in early next week if things get more interesting.
