The markets of the last few years (I view everything after 2009 as one ‘cycle’ of the market) always need some sort of political event to obsess over.
We had the meetings on Quantitative Easing in 2009. Remember when everyone was crying about hyperinflation back then? To May 6, 2010 as HFT trading firms who were playing as if they were market makers suddenly and conveniently walked away en-tandum. Something true market makers are not allowed to do by the way. Remember when “Iceland” was a thing? The Greece Crisis. The PIIGS fiasco. The Euro crisis of 2012. The ongoing China hemorrage? The ‘Fiscal Cliff’ of 2012? The Greek Elections? Grexit? Ebola? Remember Ebola?
It’s always something. Some new political event or crisis that we are all supposed to stop, wait, and twiddle our thumbs until the collective short-term amnesia wipes it from the headlines.
At the moment, we’re awaiting for the Fed’s decision on rates that will drag on into tomorrow.
But never fear, once the rate decision is known everyone can wait for the the second whammy of the month, as everyone can obsess over the “Brexit” referendum on June 23, 2016.
I prefer quiet markets, so I find all of the repeated obsession over events droning on for years on end rather … droll. To say the least.