|They say that: “Markets have a mind of their own.”
Leaving aside the statement’s maxim-like characterisation, who are we talking about here?
The Markets or the Market Watchers?
Why do we ask? Let’s face it…the former is plain fiction…merely a self-imposed framework (i.e. an “index” composed of weighted averages) to understand the system. Market Watchers make it real.
Consider this. It took Apple less than two months to lose the title of the world’s most valuable company. It took Microsoft even lesser. Let’s see how long Amazon lasts. Only in October Mr Bezos “shed a cool $19.2bn over two consecutive trading days“…so anything is possible.
Good time to revise Mark Hanna’s description of the stock market in Martin Scorcese’s 2013 The Wolf of Wall Street. Here you go…
On that rather gloomy note, moving on to Today’s End Of Day Wrap Up: