Stock market took a tumble today after European debt woes. Dow Jones closed at 10,002.18 (-268.37). Over at lunch today, someone mentioned to me joking “wheres Gordon Gekko in this market”. If you don’t know who Gordon Gekko is, watch movie called Wall Street. Gordon Grekko, a manipulative investor managing several hedge funds who plays the most dirtiest tricks in the most dirtiest game. You would think Gekko’s are waiting for their turn to manipulate market as they are uncertain on daily moves lately. In past few months i have not seen any economic data being the factor in DJI or S&P moves up or down. Whether is consumer spending, weekly jobless claims, housing report or T-bills.
One of the top knotch Financial analyst who works for (undisclosed) most reputable Bank ( i know its kind of funny to say reputable Bank in financial disaster era) told me that believe it or not, stock market is still the best place to invest money today. Coming back to Gordon Grekko. There is not one but hundreds of Gekko today moving market up and down with their push button.
Earnings have been key role in past months market moves. But Dubai and Europe totally blasted market in past few weeks. You wonder those Hedge Fund managers aka Gekko’s are getting killed. Answer is no. It is the small investors who are getting crushed. Gordon Gekko’s are still making their money. They are still out there and they are not going anywhere.