The US markets all plunged together late on Friday. Apparently this is a response to public upheaval on the streets in Egypt. It seems that the investing class worries that if thirty years of tyranny end in Egypt, corrupt agreements will be at risk, and profits may suffer. Certainly my profits have suffered, or they would do if I were to sell now.
I can't help but hope that they are successful in getting rid of Hosni Mubarak anyway. Even if popular sentiment is unsympathetic to the needs of global corporations, I feel confident that global corporations will survive. There is supposed to be a general global economic recovery underway. It is probably a good time for addressing the needs of ordinary people, and it seems the young people protesting on the streets are mostly interested in basic stuff, rather than religion.
I think I will be selling puts on some of my favorite companies tomorrow morning: nice little short term profits (6% in a month), and in the worst case I end up instead holding companies I like. TSTC, maybe CREE
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