We still don’t know what the market wants or what it will get. The market continued inching ahead, up about +0.40% over the last 5 days, but it was down sharply this morning for a loss today.
It’s a very tough call to ascertain What the Market Wants this week. Clearly, the market was dismayed by the unexpected downgrade to France’s credit rating on top of the handful of other downgrades that were not such a surprise. Recall that Fitch analysts had predicted earlier last week that France would keep its topnotch AAA+ rating. While the market was spooked Friday, not all of the gains from earlier in the week were wiped out.
Today, the market had its best single-session move in more than two weeks. Spurred by a lack of economic data before the market open and positive performances in foreign markets, stocks opened up and stayed positive on better than expected economic data. The S&P 500 finished up +1.55%.
We still don’t know what the market wants or what it will get. The market continued inching ahead, up about +0.40% over the last 5 days, but it was down sharply this morning for a loss today.