CIBC downgraded the major hotel chains today due to lack of visibility as a direct fall out of this tragedy. So much for backing US equities....
The sell off today around the world, (Canadian TSE lost over 200 pts), came as no surprise as the world now waits for any retaliatory action that could lead to war and would rather NOT be holding securities with this occurrence becoming increasingly likely.
Already today, several incidence of attacks against Canadian and US Arab groups have been reported. As the line of enemy’s narrows the finger increasingly points to Afghanistan. Though this action will undoubtedly be great for our public's psyche, it may not bring the results of national security that it's intended to.
Afghans have been remarkably resilient over the years and have never been permanently defeated. Darius of Persia, Alexander the Great and Tamerlane were all expelled, the British in the 19th century and the Soviets a decade ago.
While I too will be glued to CNN for any reports of cruise missiles flying over Kabul, it is my prayers that what ever actions are taken, the strategic initiatives are not so short sited.
Due to recent attacks here on SI, I prefer to keep my market commentary to the p-site. If you are interested in sharing your thoughts with others there, and do not yet have access, please send a note to netrader@mindspring.com.
CU there
Sharck |
