Will the Central Bankers Please Sit Down?
The market did a nice job of jerking us around on major news events this week. After doing little on Monday and Tuesday following ECB head Mario Draghi's "whatever it takes" comments last week, the market sold off a little when the Fed did nothing Wednesday and sold off further Thursday when Draghi did nothing to back up his talk. Today, the market grew optimistic about Europe again and a better-than-expected jobs report was greeted warmly -- although it probably lessened chances of QE3 in the near term.
It all boils down to dancing around to the central bankers. Nothing else matters and individual stock picking is extremely challenging. We had a good illustration of that after the first hour of trading today when the market barely moved until a slight dip into the close....161 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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