Oh yes, sell, sell, sell…  Why? Because Dubai is collapsing and so will everything else.

YEAH RIGHT! Dubai is irrelevant folks! The middle east is only relevant from an oil perspective. And that right now they are going to need to sell quite a bit of it. But hey they owe 40 Billion Euros, right?

Credit Suisse has estimated that European banks could have €40 billion (£36 billion) in loans to Dubai and much of this could be at risk if the Gulf emirate defaults. Banks including HSBC and Royal Bank of Scotland have helped to finance Dubai’s acquisitions and are now on the hook if the state cannot repay its debts.

OMG, this means that our financial systems will come to a screeching halt! Hey if Credit Suisse says this, then it must be true… But wait one minute

The bank Credit Suisse sees itself in relation to the state-owned firm Dubai World not exposed to any significant credit risk. The downside risk is not "significant," said a spokesman for CS on Thursday.

Oh really? But it gets better.

Goldman Sachs Group Inc. analysts estimated potential credit losses at HSBC will be $611 million, and $177 million for Standard Chartered, according to a report today.

Ok I say WTF! So on the one hand the world is coming to an end? But on the other hand the losses will be "not significant”. So which is it people! It can’t be both!

Oh but wait, what if this is an excuse to sell off? You know capture profits? What if Dubai is actually completely irrelevant and happens to be great excuse to tell to people why their account is down?

BTW yesterday the were screaming that the world is coming to an end. Today seeing that things might actually collapse everybody is back pedaling since they did what I would call, “scoring a goal against themselves…” In other words they scored a goal and everybody is cheering, just that those cheering are not the ones that we expected to cheer.

Sometimes the market is completely idiotic! But hey it is what it is…