Fear Mongering Is Stock Market Hype From Leaders
The hype was out there. Spread by people like Treasury Secretary Timothy Geithner, Republican John Boehner and President Obama. If an agreement was not reached by the time Asian markets opened Sunday evening, the markets may collapse, even crash. The fear was spread all weekend long by the media, running with these comments from powerful leaders. The markets opened lower, but barely down one-percent at 9:30am ET. The SPDR S&P 500 ETF (NYSE:SPY) opened at $133.30, down from a close on Friday of $134.58. This minor fall showed the true way the markets viewed these comments by powerful men. Plain and simple fear mongering.
This Sunday night deadline was nothing significant in reality. It was a made up deadline by people in power to scare the little guy into forcing the others hand. It failed miserably in forcing the other political parties hand but caused collateral damage. The only people that got screwed again were the small investor who panicked and dumped at the open.
These people in power need to realize their effect on the smaller investor. Fear mongering is nothing but a shady activity to try and get their political agendas passed while screwing the small player in the process.
Since the markets opened this morning and put this nonsense to bed, the markets have recovered and surged higher. The SPY is trading at
$134.12, -.46 (-.34%). The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $21.11, -0.02 (-0.09%). SPDR Gold Trust (ETF) (NYSE:GLD) is trading at $157.44, +1.32 (+0.85%). The United States Oil Fund LP (ETF) (NYSE:USO) is trading at $38.82, -0.11 (-0.28%).