The market underwent a good, old-fashioned thumping Friday. While many market players were hopeful that President Obama’s jobs speech would entice some buyers, it was chaos in Europe that grabbed the most attention.
Once again, rumors that Greece was on the brink of defaulting on its debt were the major worry. Since Greece has supposedly been saved at least a half dozen times already, market players are starting to think there may be some lingering problems there. There has just been a steady stream of negative news lately and the situation in Europe seems to be becoming less certain and more unstable.
I’m not going to list all the worries and concerns that are out there. All we need to do is look at the market action to understand that there just isn’t any confidence or optimism right now. Market players have little interest in snapping up bargains in individual stocks when the macroeconomic news is so bleak.