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