Good News / Bad News

They finally got the Sonofabitch C&%*sucker Zarqawi. About time.

That’s the good news; the bad news is, markets don’t seem to care much; Futures are down pretty significantly, as Japan sold off 3%, with most of Europe down 2%. Crude slipped below $70.

This suggests a few things to me: 

1) The forces in place taking markets lower are beyond the reach of short term news;   
2) Iraq has become such a debacle that the death of a significant scumbag is not that important;
3) The short term swings in the price of Oil, which hasn’t been appreciably below $60 very much for most of the past 2 months, is less significant to markets than previously believed.

Today will be interesting — watch for rally attempts in the futures pit, and a shot at reversing the sell off intraday.


UPDATE JUNE 8, 2006 7:32am

I hadn’t seen anyone discuss this, but the Bovespa in Brazil got shellacked yesterday — The ETF was  whacked 4.15% . . .

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