US Markets have done their very best to keep a stiff upper lip and shrug of the Facebook Apocalypse. We are now well into the Wednesday session on a Tuesday night (Globex), and she's looking a little tired, wobbling on her heels, after all it has been a rough few days. The Facebook (FB)was supposed to have changed everything, a Knight in shinning armor.
Sure we all heard it before but this time it was supposed to be different right? With a net worth 100 times greater than the New York Times and so many friends... so many friends... this was no bubble, this was about flying cars and mining asteroids. This was Bono and the Great State of California and even poor Morgan Stanley (MS). I wonder if he'll ever find work again? It's been a rough patch for all the Morgans, even Jamie.
In the time it took me to type this we have yet another surprise rally threatening on the horizon at 11:38 PDT. Feel free to date it if you must, just don't get carried away. I hate it when you get hurt.
Here's the rundown on what went down on Wall Street:
The Nasdaq Composite COMP dropped 8.13 points to 2,839.08.
Late in the session comments from Greece’s former prime minister warned that the economic impact of Greece leaving the euro zone would be severe. The Euro dropped below $1.27 after his remarks. As you recall we have been suggesting since December of 2011, the possibility that the US Dollar and the Euro will find parity by 2013.
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