Of course the "news" jumps from one small mini-crisis to another. Thats what happens when the psychological mood start to shift again back to the primary trend (down). The Greece thing is now all of a sudden a big deal. As if.
The down waves will be just as irrational as the up waves. There are of course bigger monsters out there than a floundering Greece but the media is showing its "herding" characteristics.
Don't concern yourself too much with the hype of the day, up or down, but do pay attention to the psychology of it all.
Oh yeah, whats the conventional wisdom? The Fed let Lehman fail and that caused all the turmoil last year! Ha! What a friggin joke. Thats bullshit and that "paradigm" that has now been planted in everyone's head will give licence to the Fed freewheeling loosely from here on out (not that they haven't been already) with money they don't have.
We had any number of "reasons" to have a crash last year. We'll have plenty of reasons in 2010....
I hope he likes his Man of the Year this holiday season.