Nervous markets react to earnings misses.

FTSE100 @ 5804.78, +6.87 (+0.1%)
DJIA @ 13120.59,+18.06 (+0.1%)

Markets certainly testing nerves at the moment but despite what has felt like a painful few days with a 3%, or so, hit to my portfolio the FTSE continues to be above/around 5800 and the Dow Jones is currently above 13000 so the impact on the indices still appears negligible.

Surprise, surprise that Europe is back on the agenda and the forthcoming US fiscal cliff is in focus as the Presidential election moves towards a conclusion.

The icing on the cake (despite weeks of warnings), is that company earnings have disappointed with a number of US heavyweights not meeting all aspects of analysts expectations the biggest disappointment of which came from Google (Google "groan" (not Chrome), as shares suspended on trading update.), which, unfortunately was the centrepiece of a debacle involving the early release of information without the benefit of company support.
This foot shooting miss and  early release triggered an almost immediate 10% fall in the share price followed by suspension.

Circling in the shadows is the 25 year old spectre of Black Monday with journalists earning their crust by wheeling out the many similarities (if you really want to dig for them, of course), with today's market environment. 
I did learn something new though as I didn't realise that, back in 1987 over the weekend that preceeded Black Monday, US warships shelled an Iranian oil platform which certainly wouldn't have helped frayed nerves.

Back to today though, and it might be that markets calibrate themselves further but I am not looking to react to it. Being cynical in my old age I still think that there are many interested parties who actively seek the trading opportunities that this volatility and nervousness can create.

The very active ex dividend and payment dates affecting my portfolio (September 2012: Portfolio Update.), also helps to give me a sense that it is still moving forward despite the market noise. 
Tesco and BAE have gone ex. div. already this month, IG paid out yesterday, R-R and William Hill went ex. dividend today, and GE payout tomorrow.
Thats a couple of payouts this month and 3 more ex.divs added to the "pipeline".

So patience, and finger crossing on my part that the steady rewards will continue.

Related post links:
- Google "groan" (not Chrome), as shares suspended on trading update.
- September 2012: Portfolio Update.