With the threat of Irene in the news recently it would be wise to deliberate about holding long into the weekend. Should the hurricane make its way up the coast and maintain strong winds, the flooding could be threatening to an already fear driven market. Buoys for NOAA have reported wind gusts around 48.6 knots, which is enough to cause structural damage. Nothing too major there but the flooding is the issue and if the pit traders can't get to the Wall Street or if power is lost all the way through the backup backup generator, you can bet that Monday will offer prices at fire-sale levels for equities that will no way be harmed by the storm. If flooding does happen, Mayor Bloomberg has plans, provided of course, Eric Cantor is not still trying to discuss with his family whether they have the money to help Joplin. Hopefully people are prepared with a game plan and monitor markets tomorrow to get a feel what is to come. There is sure to be many scared traders out there who are not being consoled by the talking heads on CNBC who are oh-so-willing to opine that the sell-off has to do with the hurricane threat or perhaps they'll be too busy laughing at silly sex jokes again while Marc Faber shocks with the truth that the US isn't the same risk-free country it once was.
Station SPGF1
Station 41010
