Taking Their Lead
The surprise today isn't that Fed chief Ben Bernanke had nothing new to say, but that the market doesn't seem to care. After the big move this past Friday, it looked like the market was anticipating some news about quantitative easing and was set up for disappointment. Instead, after the initial dip, it looked like the machines conspired to create a short squeeze and sent all the bears and underinvested bulls running for safety. The news flow certainly does not seem to justify this market action, but fighting it would be an even worst mistake.
One of the more peculiar things about this market is the leadership. Some big-cap names hitting new highs include Merck (MRK), Pfizer (PFE), Verizon (VZ), Disney (DIS), Amazon (AMZN), Monsanto (MON), CVS Caremark (CVS), U.S. Bancorp (USB) and Altria (MO)....138 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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