Too Much Optimism on the 'Cliff'
What's particularly unusual about the market right now is that only one issue matters. Nothing other than the fiscal cliff deal is of any consequence, which makes the action highly sensitive to every little bit of news, every rumor and even uninformed speculation. The market just spiked to the session high on the latest press conference by House Speaker John Boehner, and now we wait to see what the Democratic reaction will be. If it is positive, the indices will likely go higher again.
The vast majority of traders are trying to time when this fiscal-cliff deal will be done. Many just want to catch a quick move, and many others anticipate that it will be good sell-the-news short opportunity. They are all engaged in trying to guess exactly when the next piece of new will hit....157 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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