3 minute video at link
6/19/15 Traders channel Bill Murray on Greece, China: 'It just doesn't matter'
Summer camps are opening their bunks, and stock traders are chanting Bill Murray’s dismissive rallying cry from that classic camp movie “Meatballs”: “It just doesn’t matter.”
Greece’s financial lifeline remains in serious peril, you say?
Doesn’t matter (yet). We’ve been at this five years and it’s hard to draw a direct link between Grexit and American corporate cash flows.
The Shanghai stock market is down 10% this week alone and is beginning to look like a critically unstable speculative casino - is that right?
That’s worth watching – but how much did it really matter to U.S. investors when the Mainland market was doubling over the past year?
The internal action of the American stock market remains a bit ragged, doesn’t it, with those uncooperative transportation stocks bouncing only meekly even as the S&P 500 advances toward the top of its months-long range?
It’s hard to get too concerned at this point about the rail and freight stocks when they’ve been suffering for months now. And those stalwart groups that held the indexes together in the recent shallow pullback didn’t disappoint in Thursday’s 1% S&P rally: That would be the biotechs, banks and small-caps.
This helps explain why all those global and local concerns failed to prevent the U.S. market from popping nicely higher a day after Fed Chair Janet Yellen downgraded the economic outlook as expected.
more...
http://finance.yahoo.com/news/trading-the--meatballs--market-115013189.html
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