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Is 16 points considered wilting...

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May 05, 2009 – Comments (2)

I love the media.  Today (Tuesday, 5/5) was a back and forth kind of day with most of the movement on the red side.  Yesterday (Monday) was a nice green day that essentially continued the rally.  Today it ends 16 points down, and the media pundits call it "stocks wilt", "investors take profits", "stocks retreat", etc. This language is something I might expect to be associated with a major down day in the category of close to triple digit or better in the down direction....not something I would associate with a mere 16 points (0.2% drop on the DOW).  Today seemed more in the category of "taking a break", "easing", "minor dip", etc.

Guess they have a job to do...not sure what it is, but I am certain it involves sensationalizing anything no matter how trivial.  In my book, overkill is overkill... 

 

2 Comments – Post Your Own

#1) On May 05, 2009 at 11:01 PM, goldminingXpert (29.40) wrote:

160 points or more tomorrow will be worthy of covering. We can get rid of all those stupid S&P up in 2009 stories too.

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#2) On May 05, 2009 at 11:26 PM, russiangambit (29.13) wrote:

Look at intraday. For the last couple of weeks there has been constant tug of war intraday, so it was hard to decide which way the market will turn.  Then yesterday it was panicked  buying. I am not sure what started it, the main wave came at 1.30PM. I hate those moves that clearly tell me that everybody in the market knows something I don't. It looked like panicked short covering. And then suddenly today we are down while the news is still "better than expected". This is why it is significant. Something changed, the people were trying to sell the market again even though they were buying yesterday. Then towards the end of the day there was a mini rally again. Why?  I don't know.  I wonder have they managed to keep GM news under wraps. There wouldn't be a rally if people heard about GM.

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