Friday, March 14, 2008

Shamrocks and Stocks

May the Irish hills caress you.
May her lakes and rivers bless you.
May the luck of the Irish enfold you.
May the blessings of Saint Patrick behold you.

Irish Blessing

U.S. capital markets could use a bit of Irish luck on Monday. U.S. equity markets slide south as news of a run on Bear Stearns investment bank broke. The CBOE Volatility Index spiked to 31.30, the highest the measure has been since third quarter 2002 when recessionary fears weighed on markets.

On Monday the St. Patrick's Day Parade Committee in New York plans another year of festivity marked by a four hour parade down New York's Fifth Avenue. Likely many in New York will be glued to trading monitors and investment news television and will miss the procession of fife and drum corps, cloggers and dignitaries. In Chicago the river will turn green as usual but many may be feeling too green themselves to watch the "miracle."

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