Tero, there seems to be about 50 trillion dollars/yen/markkha/mark/baht/francs and other krona sloshing around the world in a giant globalization celebratory tsunami looking for a place to land. As it surges into and out of the Nasdaq, Yen, Nokia, Footsie, New Zealand [minor tributaries only end up here], utilities, telecommunications, biotechs, Dow, US$, Nikkei, T-bonds, back to Yen, there is a big price rise and fall.
Nokia must have had a slosh its way today. So did the Nasdaq.
Next week? Who knows. Maybe [we hope] back to productive value, namely Qualcomm and Nokia. That's where it will end up after it finishes the frantic surging because there is nowhere else for money to go other than productive assets. Money is good for only one thing; buying stuff. Either cars and other trinkets or the factories that make them. Stuffing mattresses, like some Japanese are doing, might make their hard futons more comfortable, and keep it available for a rainy day, but that is not so good when it is eroded while you sleep by the mighty Yen printing machine.
Incidentally, I was pleasantly surprised to find a while ago that I'm in a class action suit against Nasdaq dealers for illegally conspiring to widen spreads on many stocks, including Qualcomm, during certain times. I don't think there'll be much money in it for me, but there is entertainment value. I did moan to the broker at the time about the spread, but agreed to buy anyway, so it seems a waste of time to me. I could have told them to shove it.
Now the litigious thrill is on to Get Clinton. Seems like fiddling while Rome burns to me, but I suppose Congress doesn't have much better to do and it gives confidence to international investors in the USA - it's nice to see they keep the bastards relatively honest.
Maurice |
