Yesterday night was a boring night for me. It was really boring.
The U.S. stock market had a tough and choppy start because investors were worried about the situation of the New Century Financial Corporation (NEW.N), the largest independent U.S. subprime mortgage lender. It said that its lenders had cut-off financing or indicated to stop financing the company thereby pushing it in the likelihood of filing bankruptcy or asset liquidation.
The New Century Financial Corporation‘s share was hammered from USD 30.00 a month ago to USD 6.00 plus a week ago and USD 3.21 on Friday’s close then plunged to USD1.65 before it was suspended Monday.
I have no idea as to what will be the extent of its effect on Tuesday’s trading and how, if there will be any effect at all, will other global markets react today. I just hope that this will not lead to something that will trigger a repeat of what happened weeks ago. (When the giant sneezes, the dwarf gets the colds.)
For the time being, let us leave this matter to them- the people concerned and let me continue with what I am supposed to do: Blog.
As I have said, it was a boring day. There was No Action. Our customers, I supposed, were out somewhere doing something else.
It was natural therefore that I had nothing to do as well except to read and read whatever items my eyes could see from Reuters for hours. It was tiring and I could feel that my back was looking(?) for a bed.
So, in order not to invite sleep during working hours (evening here in this part of the world), I decided to do an exercise inside the trading area. I walked and walked and walked with nothing in my head (figuratively or possibly, literally(???)).
I already had twenty rounds when suddenly the air (so there was something inside) that was circulating inside my brain was pushed out by crazy thoughts.
I stopped walking because these crazy thoughts kept on coming and going, coming and going, coming and going. Then finally, U.S. stock market closed (11:30 p.m. here). It was time to go home.
Moral of the story:
The boring market creates an idle mind. And true enough, the idle mind is the workshop of the he he.
Stay away from boring market. Keep on blogging and visit your favorite blogs. Just make sure your Boss won’t see what you are doing.
NOW you know what is boring market and idle mind. ha ha ha.
Note: The Stocks strike back but then, most of our customers stayed away.