So for thirteen minutes on Friday, the world’s biggest casino came to a crawl while Tiger Woods made his “apology” speech. (One can argue that the apology was more for Nike’s benefit than his wife’s.) As financial blog Zerohedge puts it:
When Tiger’s speech causes a more dramatic volume impact than the FOMC you know this market is all sorts of perfectly efficient. Bloomberg’s chart of the day below shows the total NYSE volume change in-between when Tiger started his convoluted and meandering mea culpa, and when he ended.
FOMC stands for Federal Open Market Committee, a.k.a. “The Fed” that many disinfo.com visitors have plenty to say about. So Tiger had more impact than a Fed Discount Rate hike announcement that day, good to know for the next time I talk to some finance guy who cold calls me about getting into the market…
Seems like just more proof that, as the Onion recently put it (brilliantly), money is a “symbolic, mutually shared illusion.”