Matt's Market Insights
Strange market action yesterday. The morning held positive economic news as consumer confidence and new home sales both exceeded expectations by a wide margin. This took all major averages positive, but around 11am EST, the markets rolled over and headed south (see intraday chart below). I was searching for the catalyst of this selling and frankly had trouble finding one, other than geopolitical concerns as conflicts flared overseas. My anxiety always kicks up when market sentiment shifts without some type of causal explanation. This left me apprehensive about how the markets would behave today.
The higher this market climbs, the more likely investors and money managers are to decide it's time to take profits. The problem is that as they've done this on the way up, the market has continued to surge, leaving them the uncomfortable task of buying back in at higher prices so as not to be left behind. Everyone ... Log in or subscribe to continue reading.
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