The Worst Is Not Over
The major indices are on pace for the worst day of the year, and there is no questioning what the catalyst is for this poor action. The only real mystery is why so many investors have been ignoring the steady flow of negative economic news we have seen lately. On Tuesday, the bulls were quick to dismiss the ADP jobs survey as totally irrelevant and almost had us back at the recent highs.
As I discussed, I believe the strength we have seen in the last couple of weeks was more a product of market players feeling like they might be properly positioned rather than any strong buying conviction. It was "wall of worry" action, but the big risk in a market that is climbing a wall of worry is that the worries may actually turn out to be justified, which is exactly what happened today....202 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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