A Buying Frenzy
The sell-the-news trade on the European Central Bank announcement was just too obvious. Although there was nothing particularly surprising this morning, there's a buying frenzy and the bears are on the run again. This sort of action seems almost routine these days, and I suspect it is due in large part to program trading that automatically shifts to buy mode on any central bank news.
We can argue about why this action may not be justified, but if you don't respect the price action, you aren't making money. Too many pundits pontificate about why the market should be doing this or that, but the market really doesn't care about their logic....43 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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