Speaking of the Euro-debt Crisis…oh, wait, nobody’s talking about the Euro-crisis and why you should be panicking out of your stocks because the Euro-debt Crisis is going to crash the world’s economies and markets. Now the mainstream media discussion is focused on the “fiscal cliff”. I guess Europe got all that sovereign debt and endless bank bailout system all fixed up finally? No?
I hit on this topic a bit yesterday and it really does underscore why successful traders and investors have to ignore the headlines and pundits and think for themselves.
Here’s the European Headlines page from Marketwatch this morning:
All MarketWatch News & Commentary »10:39 a.m. Today | By Barbara Kollmeyer10:22 a.m. Today | By Myra P. Saefong10:15 a.m. Today | By Sara Sjolin9:59 a.m. Today | By Sara Sjolin9:13 a.m. Today | By Kate Gibson8:55 a.m. Today | By Sara Sjolin8:54 a.m. Today | By Barbara Kollmeyer8:38 a.m. Today | By Deborah Levine
So it seems that the media has forgotten about all their own panicky warnings of impending stock market doom because of the Euro-debt Crisis. Now they want you — and even the people in Europe apparently — to focus and eventually panic about a “Fiscal Cliff”.
The important thing is to remain objective, independent and cut-throat in our analysis of the economy, the policies of our government and others and how they impact the economy and to stick with that analysis to guide us. Often when the mainstream media gets everybody panicking, there’s great opportunity to take the other side.
Other than that, steady as she goes. I’ll scale in more if we crash. I’ll trim if we skyrocket.