Stocks dropped significantly today on news that retail sales are down. Duh...what did they think they would hear? Of course the public curbed their spending when Washington was panicking.
I've always viewed the market with bemusement when it responds to the obvious like this. The way I see it, speculators dump stocks, or buy, on the slightest whim and it is they who are causing today's swing. Speculators make lousy barometers of the market's overall health.
To think that the market swings are over or that we are through the worse and it will be a steady upward trend is out of touch with reality. However, I can actually view today's market response with some optimism because it is Wall Street functioning like it normally does...abnormally.
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