by Pater Tenebrarum, Acting-Man.com:
A Market Mover
Monday’s action in the stock market confirmed once and for all that the great mass of traders in the market aren’t exactly the brightest tools in the shed. In fact, we suspect that most of the action is driven by algos anyway, which these days are inter alia scouring press reports for ‘market moving news’. These programs appear about as effective in interpreting ‘news’ as a fence post. For instance, a report in the FT about ‘QE tapering’ that regurgitated the same stuff everybody must have heard 50,000 times by now, shaved off 150 points from the DJIA intraday, in spite of the fact that the author was not Hilsenrath and therefore was only speculating. Besides, who cares? After all, stocks are rising because the future is so great we’ll all need to wear shades.
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