To say Ed Bott’s “piece calling Flash the new Vista”:http://www.zdnet.com/blog/bott/sorry-adobe-flash-is-the-new-vista/2139 was — uh — not well received by Adobe would be putting it kindly. That effort, in itself, was worthy of praise. Ed’s “response to the discussion”:http://www.zdnet.com/blog/bott/how-secure-is-flash-heres-what-adobe-wont-tell-you/2152 it generated was nothing short of Superman journalism.
Pardon me, but these explanations are horseshit. When you look at the dip, the rebound, and the speed with which it happened, there are only two plausible explanations. One is automated trading; the other is that it was a planned event. If the Greek crisis were the cause, then what explains the rebound? The Greek explanation doesn’t hold water, because analysts and traders have seen it coming for ages (in market terms). It is not a surprise. Just look at the currency moves we’ve seen over the last couple of weeks. Stocks move a whole order of magnitude quicker than currency. The Greek wave hit the stock market long ago. I just don’t buy it.
There was a HUGE transfer of value yesterday. A lot of people sold stocks at a huge discount, and a lot of other people picked them up at a bargain. I’m having a hard time believing that the cause was natural human action.