Today is one of the toughest ones. It's a reminder that they go down faster than they go up, a reminder that there's still volatility, a reminder that there is still fragility.
The Europeans have the ability to cause people to take profits. The Germans have decided that enough is enough and it would seem as if they are going to start kicking people out of the eurozone if only because you need to have discipline, so you kick out the unruly kid and you let people take the hit who own the bonds.
What's so discouraging is that the EU is uniquely set up not to take hard action. They aren't coordinated. They combination of helping growth happen and a budget cut. And they are dealing with a totally rogue state in Greece that doesn't fit into the pattern of disciplined finances that on which the Germans pride themselves.
So, now it plays out.
Here's an odd way to look at it. If you are out of this market, and many are, can you AFFORD to wait until we have more clarity -- up or down-- for Greece? Do you have to come in now and start buying high growth? Do you have to say, look, I am not going to get a chance like this unless Iran is attacked by Israel? I am not going to get a chance to buy Disney (DIS) or Wells Fargo (WFC) or Honeywell (HON) unless I start buying today and then buy lower next week because Greece is going to be dealt with one way or another and we are stronger now as a country then we were six months ago, when it looked pretty darned grim (around the time of the downgrade by the S&P of the U.S. debt).
We are feeling our way in, in Action Alerts PLUS. We have accumulated a large cash position after peeling off into strength. But when we look at the prices we are getting, they are still up substantially for 2012. Will you ever get a chance to buy stocks at substantially reduced prices?
Somehow, without Iran-Israel, I don't think so.