The Fox News business analyst and conservative opines about European news and the stock market: "I heard commentators suggest the market was fine with the wave of socialism and communism in Europe but that's not true. The market spoke early, swooning out of the gate and then resuming its second to second goal of finding a quick buck. The fact is there wasn't much news from Europe, just a reminder of the fragility of people and their resistance to being weaned off welfare. I did find the harsh selloff of high flying names and companies that missed consensus earnings a reminder that the street needs extra convincing to hold names. Moreover, with such thin volume, there isn't a lot of money sloshing around to sop up messes and misses."
More: "In the meantime, the meaning of those European elections is becoming clearer, and it boils down to a familiar refrain. Throw the bums out! There is a clear rejection of entrenched leadership from any political persuasion. Moreover, there is a clear rejection of belt-tightening. This morning the reality of wholesale rejection of politicians in Europe is taking a toll. The notion of nations leaving the euro is rattling markets more so than yesterday when talk of moderation and pragmatism where being tossed around. All that drama last year with the daily Greece-watch will have been for naught if that nation cannot cobble together a government (again) that lives up to obligations."
Charles Payne on The Market & Socialism
