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While I agree that in the short term market participants may be over-reacting. More likely this is an echo-panic as people are scared of 2008 redux. I do believe that long term the situation in Europe could have more of an effect than you have opined. Its fairly simple and has nothing to do with what % of US business comes from the Eurozone. It all rests on the US consumers confidence. If the events they are witnessing in Europe and Asia cause them to retrench then a double dip is a probability. Should that be the case 10,300 on the Dow will seem very expensive.
Toggle Commented May 22, 2010 on Market Observations at A Dash of Insight
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