NEW YORK ( TheStreet) -- We've survived the Greek elections and this chapter of the so-called "Eurozone Turmoil" appears to be behind us.The narrow victory by the so-called "conservative New Democracy" has done next to nothing when it comes to reducing the risks of a eurozone contagion and all the anxiety and fear surrounding it. So the stock market and commodity markets for now will be in a holding pattern with a negative bias. The Nervous Nellie types and those who won't dive into the murky markets will wait and see. The herd will do what the herd always does...follow and eat each other's dust! This is not the time to take on that infamous herd mentality. It is way too mindless and far too naïve. For months now the herd keeps chasing yield. It's been very dividend-centric. In an article I read Monday a senior equity strategist for Wells Fargo Advisors echoed the perspective of the herd, which currently has been running after U.S.-based companies that offer dividends over 2%.
Here's his main comment: "In this type of global environment, our modest growth and modest inflation economy looks pretty good. "Our domestic growth is viewed as dependable, something you can count on. Given that, I believe the U.S. has become the safe-haven equity market for global investors, much like our Treasury market has always been." In case you haven't noticed, trading volume has been in decline. The day after the Greek elections is no different, and may be the new norm until Ben Bernanke uncorks the next round of massive, globally coordinated quantitative easing. That could happen as soon as Wednesday or as far away as the week after the U.S. presidential election in November. What the herd has been doing is central to what's going on. The herd consists less and less of small investors and more and more of institutions, hedge funds and sovereign wealth Funds.
You'll also notice that since Microsoft is a technology company, it has gone the way of Intel and Cisco ( CSCO) and moved downward in share price. The herd feels safer on the plains of Wal-Mart than in the cyber-world of Microsoft, as the chart below illustrates with unmistaken clarity: