Mood is indeed a mysterious drug.
I remember where I was when I heard that Princess Diana died.
I have no idea what the markets reaction was if any. The world was indeed sad though and I imagine the markets were down.
I will always remember The Osama news and where I was …grabbing some middle eastern food (the irony) with Rachel, as our driver waited, near LAX on the long road back from Amsterdam.
The difference now is Twitter and Stocktwits. You can’t help but be connected anymore.
People on Twitter were breaking/spreading the news and happy the sick freak was dead. People on Stocktwits were telling me what the news meant for The S&P Futures. The Futures were rocking. Up 12 and at multi-year highs. Bliss for the longs. Another Sunday bump.
The world was happy, but the markets said ‘eat shit’. Since that Sunday evening (May 1), the $SPY is down 10 percent and oil is down over 15 percent. Once again, ‘it is not THE NEWS that matters, it is the market’s REACTION to the news.
In real time, I was getting flak for calling an Osama top in the market and I was not alone.
With the mood of financial markets quickly turning negative, the horrific price action of financials, the silliness of IPO valuations and some Bitcoin mishigas, you may not soon forget the ‘Osama’ top.