The market rallied early this morning for reasons nobody understands and nobody predicted. CNBC analysts confidently asserted it had something to do with the Senegalese money supply but others pointed to revised monthly figures showing a poor tuna haul off the Peruvian coast.
The Dow turned down in late morning due to profit-taking—which is a meaningless phrase we financial journalists use when we don’t know what we are talking about.
Around noontime, the tech stocks rallied (perhaps a result of profit-giving?) before a late wave of selling sent stocks lower. (This wave of selling was miraculously met by a wave of buying since in each transaction there is one buyer and one seller.)
All in all, it was a normal day on Wall Street. Advances led declines by 4 to 1, the bond market was incomprehensibly boring, the Mets beat the Phillies 6 to 2, and Kate Winslet’s measurements remained 35-29-38.
More here – The Big Picture
