These days, I get the feeling that the stock market is playing "hide and seek" with us. We're all waiting for the Dow to advance to new highs above 14,164.53 -- thus confirming the record highs established by the Transportation Average. But day after day the Dow pops up 20 points and the next day the Dow sags 20 points, while the Transports frequently go in the opposite direction.
The VIX is down to 13.41, showing that option traders don't see the need for downside protection. So I guess we just stand and wait for the market to provide us with hints as to which way we are heading.
I listen to Bloomberg, and it is pathetic to hear their commentators try to "explain" the reasons for each and every move of the market. Of course, the real story is that the market is discounting the economy and business as it thinks ... Log in or subscribe to continue reading.
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