I’m taking a vacation from my financial musings. I’ll return after the NCAA’s March Madness, well, the second round. Or more importantly, right after the next Federal Open Market Committee (FOMC) meeting: March 15-16.
As of this posting, the Dow Jones Industrial Average (DJIA) is up 244.25 or 1.56% at 15,904.43. I guess we are out of the woods- NOT! The stocks bounced as bank stocks were scooped up, in part because of the Deutsche Bank buying over $5 billion in bonds and WTI oil gained 10% or $2.63 to $28.84 per barrel. This I know will occur in the interim: stocks will yo-yo for a bit as people analyze and over analyze each bit of economic news; talking heads will wrestle with 5.0-4.9% unemployment, yet the feel of an economy that is much worse; economists will explain negative interest rates and the negative/positive impact for the global economy; politicos will focus on the Presidential race and the impact to Wall Street; and, everyone will realize that their taxes will soon be due, but why on April 18th and not on April 15th (answer: Washington, D.C. Emancipation Day).
Until then, like Glenn Frey and the Eagles sung: Take it easy, take it easy. Don’t let the sound of your own wheels drive you crazy.