That giant sucking sound you hear is money fleeing stock markets for the safe havens of the U.S., German, and U.K. sovereign bond markets. It's fear talking -- fear of intensifying crisis in the eurozone.
It looks like Apple stock is one of the places skittish investors are moving money ahead of a potential U.S. debt default -- at least based on its share price. Apple's shares have risen 2% in the last week as the S&P has lost nearly 3% of its value.
When a world crisis erupts, such as the current fighting in Egypt, investors usually flee to safety. Historically, that has meant piling into the U.S. dollar. But a funny thing happened when protesters took to the streets of Cairo. For the reason why, look to Europe.
As the Dow nears 10,000, the remarkable thing is that U.S. equity markets are holding up as well as they are. The jobs data may be grabbing the headlines, but the real news is the euro has caught swine flu. That's what's got the dollar rising -- and stocks tanking.