Industry NewsMarkets & Economy

Euro breakup wouldn’t spell disaster

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Now we wait. Greek election results will begin trickling in Sunday afternoon and who-knows-what explosion at the opening of Asian markets Sunday night. More likely: a few more frozen days to digest the results, and any number of empty cans kicked into nearby walls. The biggest event next week will be the Wednesday conclusion of the Fed's meeting. The stock market this week began to trade up on bad news (a small rise in unemployment claims, a dinky drop in industrial production) on the assumption that bad news would mean QE3 from the Fed, which must be good news for stocks no matter how ugly the reality might be. Last week I compared this market-think to trained seals, and today I apologize to seals everywhere. Pick a more appropriate critter. If you took Psych 1, you discovered that you could get a lab rat to sell its soul for a dozen Rice Krispies. Rats conditioned to central bank action are found not just in neckties at the New York Stock Exchange, but all over the globe. Si...