Lets see: Swine flu spreading around the world, earthquake in Mexico to add to their plight and a stray airplane. The latter involved the sighting of a large jet flying low down the Hudson River Valley being chased by a fighter and then Goldman Sachs reportedly vacating their offices. This caused the 10:30 swoon.
And the market is off less than 1%. A pretty good showing, I’d say. Again, that ol’ appetite for risk rears it’s head. The early thirst for safe havens like bonds and gold has dissipated.
Biotechnology shares leading as stocks like Novavax (NVAX) are up 100% as the world searches for a vaccine. IBB, the biotech ETF may be a play.
Among the many losers in Mexican markets is PAC, down 18%; Grupo Aeroportuario del Pacifico (ADR). Not a lot of passengers, other than reporters, lining up to fly south.
It won’t take much to turn this market up from these levels.
BTW, the plane turned out to be a regularly scheduled commercial jet.
