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Something has been lost in the chaos of the NFL’s last minute decision to move the Monday Night Football showdown between the Kansas City Chiefs and the Los Angeles Rams out of Mexico City: the fact that two of the NFL’s premier young quarterbacks will be facing off for the first time ever.
2018 has been one of the most volatile in recent history.
In January 2018, the Dow Jones sank from a high of 26,616 to a low of 23,360, only to rebound and plunge again. Then it rallied to an all-time high of 26,951 before plunging to 24,122.
Major index futures plunged.
The Dow Jones fell 2,506 points. The NASDAQ fell 1,050. The S&P 500 was down as much as 311 points. Investors panicked and sold.
Eugene Fama’s Efficient Market Theory (EMT) taught us that when news is released, it’s immediately priced into stocks.
But that’s impossible because it never took into consideration the friction of news flow.