I woke up this morning at 7:30 and, as per usual, I poured a cup of coffee and went through my morning computer bookmark routine. Check the sports scores from the day before, set my fantasy league lineups for the day, enter the bottomless pit called Gmail and graze through the news to see if the world is still stumbling along.
A lot of my attention lately has been directed towards the business section of the Globe and Mail. Usually, Monday morning is a fairly uneventful morning, the market also takes a weekend and is still on its way to work like everyone else. So I had a fairly easy read with the headline "The Return of Optimism" posted @ 7:28am. A fairly common theme I have been hearing over the last couple weeks is about how the market has bottomed out and people are beginning to feel optimistic about the next quarter. How quickly we forget....
I checked back in over some lunch at around 12 to see if ESPN had put up their power rankings for the MLB yet, hoping to find out what they had to say about our Blue Jays this past week, and then I went back over to the Globe and Mail. And before you could get a round of golf in, the market had dropped 350 points and a new report had been posted, now headlined "New Global Forecast Shakes Markets". At this point I would like to draw your attention to an article I first brought up earlier on this blog in the post "Riding the Emotional Roller Coaster".
Monday June 22 2009 sums up the last 12 months of the markets; one moment you're flying in your private jet, then your wings fall off and you turn into a missile carrying 13 different bottles of scotch, but you end off landing on a giant cloud that stops you softly and seems to carry you away to where there's no harm in sight... that is until that cloud turns into a thunder storm.
What I have been thinking about the most is whether the markets are turning into a different monster. Is the last 30 years of averages going to change? Is the ratio of 3 years of bull markets and 9 months of bear markets going to be a thing of the past? I don't really know, and I would have to be insane to try and give a conclusive answer to that. But it seems that some people do think they know.
What I do know, as of Monday June 22, is that if I want good news I should wake up early and get back to bed before noon. But where's the fun in that?
Have a great week!
Matthew George
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