The stock market had a bit of wild ride today after the beating it took yesterday. The DOW managed to gain a bit and the other gauges weren't off by too much. Traders are nervous about the direction of the US economy, the European crisis, and the political fighting in Washington.
After the debt ceiling deal was reached last week, many thought that markets will get some rest. After all nothing is as poisonous to the markets as uncertainty. The problem is that the deal only kicked the proverbial can down the proverbial road. The market knows that the debt issue will rear its ugly head soon and at nearly $15 trillion, it's one big ugly monster.
Adding to that is the fighting going on in Washington. There's strong discontent with Obama's performance, and the conservatives are themselves splintered into factions, showing distrust and contempt for each other. Economy can't thrive under political turbulence, so uncertainty continues to stare the markets in the face.
So for today, even though the indices were mixed, there was a bit of reprieve from yesterday's pummeling. But at this point only those with strong stomachs should consider getting into the snake pit that is the stock market. The weeks ahead promise to be violent and nauseating.Robert Hashemian is VP of Web Development for TMCnet.com with a keen interest in financial markets. To read more of Robert’s articles, please visit his columnist page. He also maintains his personal Web site at www.hashemian.com.