... people listen. More often than not, it seems, President Obama has a soothing effect on the markets when he speaks on national telly. I got back in VXX at 33.01 and FAZ at 16.16. On paper, I've made back most of what I lost earlier today. Obama speaks in about 7 or 8 minutes. Can he temper the fear and volatility as a result of the financial reform package's passage through the Senate today?
What could he say that would settle investors' nerves? The funds unloaded big today: DJ -376, Nas -94, S&P -43.
I think he'll have a temporary effect. He has that gift. But a drop in FAZ and VXX in afterhours might be another buying opportunity. Maybe I sell now and buy back later, or hold my positions and add a bit more after the Obama effect.
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