I don’t know about you but today’s plunge of 634.76 points of the Dow Jones Industrial Average kind of took my breath away. Not that it was unexpected but it still is a jolt when you see the Dow fall below previous resistance levels.
On Friday, I wrote about Italy’s debt problems but that was before S&P downgraded US debt from AAA to AA+. Surely there are jitters on the market that will be calmed in the coming week but it was a rough start for a Monday, for all I think.
Economists will tell you that while many people are on vacation in August, the market almost always has important news that sends investors into a tailspin this month. This year will be no different it seems.
Italy and Spain are basically closed for the month but with the lingering debt crisis in the European Union, even their leaders are still working this year. That is a first, at least in my memory except for the 1992 crisis.
What to do, I ask myself, stay calm and don’t get panicked. Drink wine and think local. That said, there’s a great site on local New York wines that you should check out, New York Cork Report. They have lots of information on local New York wineries.
If you live in Manhattan as I do, some of the closest vineyards to visit this summer are those on the North Fork of Long Island or in the Hudson Valley. Looking on Local Wine Events, I noticed that Lieb Cellars is having an event that looks interesting this coming weekend. I’m not sure I’ll make it but if you get there, fill me in.
Warwick Valley Winery in the Hudson Valley always has fun events too. I’ve seen Dylan bands there as well as Shakespeare plays outdoors, all enjoyable. Thinking about these events distracts me from my worries about the economy which is a good thing.