I’m not a stock predictor (I think that is our chairman's job), but all the signs point to a bit of a bath today for shareholders.
As reported by the AP, “Stocks are falling sharply in early trading as investors continue to worry about Greece's ability to repay debt.”
The House passage of health care reform on Sunday won’t help matters either, according to the AP: “The reform could have a far-reaching impact ranging from health insurers and drug makers to companies that provide employees with health benefits.”
Translation: People are terrified that President Obama will outlaw capitalism and declare martial law by Friday. So they might look to unload some of their stocks until the fear storm subsides.
Now, unless you actually believe that health care’s passage will lead to a totalitarian social welfare state (possible but unlikely), today could be a great time to buy that stock you’ve been eyeing for the past few months. You’ll see it as a bargain bin discount once the dust settles.
Want to know what TheStreet.com has to say about this morning’s stock dip? Check out the full article and analysis here.
UPDATE 10:43 a.m. ET: Looks like the Dow is actually up 40 points right now. So much for conventional wisdom. I will stick to my day job.
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