The stock market comes to reflect neither the economy nor what stocks are worth. Instead, it shows what speculators think they can make from anticipating Ben Bernanke’s next move.
The stock market indices started out with a down move, tested support, and then rallied pretty much for the rest of the day until the last 45 minutes when big gains were had and profit-taking set in.
Deron Wagner expects the market to see a relief rally sometime in the next two sessions and also anticipates sector rotation out of emerging market and Energy ETFs.
The daily chart for Bank of America (BAC) captures the anxiety that many fund managers have about the deteriorating appetites of previously robust US consumers.
The stock market indices suffered more losses today, as the day started out with a move down, and then spent the rest of the morning consolidating before an early afternoon drop broke those patterns.
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