Greece and Dinner with Lydia

Had dinner with Lydia Idem last night who many of you know as @FaithMight on StockTwits.

She is a great follow – one of the best FX traders on the stream who calmy takes pips out of the market with discipline.

We were talking about Greece and she laid it out plainly.

“I’m done with Greece and don’t pay attention to it. I don’t care. Its in the market. It has been in the market. You can see it in equity prices. They don’t care either.”

I love this because the news is filled with Greece and every smallest twitch or leak is reported with urgency.  Meanwhile, the consensus is and has been that they will eventually default.

By the time a story has been hashed, rehashed and obsessed over, it is likely noise. This is especially true when price no longer responds.

Further, if consensus is already worst case then where is the downside?