Yes, Wednesday was a down day, and even now, as I look overseas at 9:30 p.m. EST Wednesday… everything is UP! Hong Kong up 3/4 of 1%, England up 1.3%, Germany up .6%, and our own futures up between .4 and 1 full %. Anyone know or care to explain why?
Perception is reality. If the perception is that earnings can come through in the face of all the negative news that’s out there, then this will take off. I’m not reading or hearing from anywhere that things are really all that bad, as far as U.S. company reports are concerned. We’re muddling, and this what the market does when the economy is muddling, and no one can definitively state that we are either expanding or contracting with any degree of certainty… so, we muddle, up and down, back and forth.
When the deflation, interest rate, economic growth or contraction, and corporate earnings picture becomes clearer, either for good or for ill, the market will head in the appropriate direction. Until then, we muddle. More later….
Happen to be up a bit at 3:40 a.m. EST, and low and behold, futures are ahead overseas on our indexes by .73 to 1.35%! That’s pretty sanguine!!!
By almost 8:00 a.m. EST, things are pretty much back to being up by only .1 to .7 of 1%. Not so big now, but, at least it’s still positive. Europe is down a relatively significant amount… Hmmmmmm.
Here’s to your investing success!
Harold F Crowell