Market Drama

When the dust finally settles, Thursday May 6th will be seen as a day of booms and busts. If you were short, and were able to get out when we tanked hard, you made a tidy sum of money, and if you were long, you either got smacked or you rode out the yo-yo and pared the losses. More than likely, you fell somewhere in between.

I got the phone calls up till midnight last night about what happened. I actually left my computer about 20 minutes before the big sell off to do some volunteering, so I was not here to see what happened but never the less I heard a ton of stories. So, here is a brief list of what I have heard up till lunch time today. I have no confirmation as to these stories being real or just rumors. Some sound easily believable, others, not. Make your own judgement.

Remember, these are all RUMORS and many of them conflict:

The Euro will be gone by July 4th
The Euro will be gone by next week
The Euro will be gone by the end of the year
The Euro will survive this and not go anywhere
Greece is a drop in the bucket, there is much more to come
This will end with Greece. After they figure out how to fix them, they will use that formula on other countries in trouble
The USA is next to fall
The USA will never go through that
An "off the floor" futures trader at the CBOT made $4,000,000 and change during that black hole move
Hedge funds blew up "left and right"
An equities trader lost 78% of his portfolio, capitulating 30 seconds before the lows
A big commodity fund is on the ropes and ready to shut down
It will be hard for the retail investor to ever trust the market again
This was the buying opportunity of the year
We crashed
It's Goldman's fault!
Al I know is it appears that volatility is back for now, but remember, it's a double edged sword. Make sure your trading plan is tuned up and you follow your risk management matrix or else the market will make short work of you, no pun intended.