Greece and the Euro debt crisis has become a ‘national’ story, not just a ‘business’ story.
When I posted ‘The Speculator’s Arithmetic‘ the other day, I was talking about how positive news on the corporate earnings front was trumping the rumblings coming from Greece and the Goldman case. The facts on the ground, as they say, have changed. Traders and investors around the world are fixated on the rioting in Greece this morning.
With earnings season drawing to a close, the high beat rate of the 1st quarter has been forgotten or discounted and the terrific internals we had enjoyed are no more.
It appears as though Apple’s success in selling iPads is on the back burner in the face of the deteriorating picture in Europe. Athens is burning and Wall Street is selling.