Stocks fell over 100 points in early trading today on news of the New York Jets upset defeat of the Pittsburgh Steelers late in the day on Sunday. Analysts were predicting a significant downturn this morning in the wake of dismal performance returns by the Steelers who reported their most embarrassing loss since a 2004 debacle to the Houston Texans.
Jim Cramer, host of CNBC's "Mad Money," made the following observation: "The outcome of a football game 'theoretically' shouldn't have any impact on the equity market, but in this case, the historical records cannot be ignored. Investor confidence almost always seems to take a hit following either A) a Steeler loss or B) a Jets win. This is one of those rare 'double whammy' situations. I almost didn't want to get out of bed today."
Other experts offered similar insights into the impending doom and gloom.
Jason Gordon of Bear Stearns offered this: "Forget the housing bubble and looming crisis in the financial sector... the real problem is in the Steeler's poorly executed blocking schemes."
"I'm not sure what to expect the rest of the day," said Gordon "but it can't be good."
The Federal Reserve has yet to offer an official opinion on the current quandary, however, the board of governors have called an emergency conference call this afternoon to discuss potential fixes including, but not limited to, lowering the target federal funds rate and the printing of currency to boost investor confidence.
A confidential source close to the central bank has indicated that they have not ruled out the possibility of fixing the value of the American Dollar against the current price of the Euro.
More to come as events unfold.
Jim Cramer, host of CNBC's "Mad Money," made the following observation: "The outcome of a football game 'theoretically' shouldn't have any impact on the equity market, but in this case, the historical records cannot be ignored. Investor confidence almost always seems to take a hit following either A) a Steeler loss or B) a Jets win. This is one of those rare 'double whammy' situations. I almost didn't want to get out of bed today."
Other experts offered similar insights into the impending doom and gloom.
Jason Gordon of Bear Stearns offered this: "Forget the housing bubble and looming crisis in the financial sector... the real problem is in the Steeler's poorly executed blocking schemes."
"I'm not sure what to expect the rest of the day," said Gordon "but it can't be good."
The Federal Reserve has yet to offer an official opinion on the current quandary, however, the board of governors have called an emergency conference call this afternoon to discuss potential fixes including, but not limited to, lowering the target federal funds rate and the printing of currency to boost investor confidence.
A confidential source close to the central bank has indicated that they have not ruled out the possibility of fixing the value of the American Dollar against the current price of the Euro.
More to come as events unfold.
2 comments:
I wonder if this well reasoned and written analysis could be expanded to explain the increase in the force of gravity immediately following this unexpected event? This was felt by anyone that thinks about black & gold, weighing burdening them with an agnozing weight.
newth3
Possibly, but Jim Cramer is hardly qualified to speak on the laws of physics... I couldn't get a hold of Stephen Hawking while I was gathering my sources.
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