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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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What Drove Today's Bounce ? It Wasn't Short-Covering

Comments

  • InvestorInvestor
    Wishful thinking...
  • TSP_TransferTSP_Transfer
    "There was a lot of anxiety over the debt ceiling. Today alleviated some of that," said Russ Koesterich, chief investment strategist at BlackRock Inc.

    "Whether or not we can hold these gains is another matter. There's certainly a pathway to a deal," Mr. Koesterich said.

    "The question is are we going to be in a better place six weeks from now?" he asked. "The risk is we're not.”

    http://www.investmentnews.com/article/20131010/FREE/131019985?utm_source=breakingnews-20131010&utm_medium=in-newsletter&utm_campaign=investmentnews&utm_term=text
  • JohnChisum
    We might be giving a chunk of it back tomorrow with the news that 0bama has rejected the Republican's latest deal. Lots of emotion in this market right now.
  • TedTed
    Reply to @JohnChisum: Yes, the Stock Futures that were up big, have now turned negative on the news.
    Regards,
    Ted
  • hank
    edited October 2013
    Because the stakes are higher than might appear. Big stakes. Big bounce. The events playing out go beyond finance and to the heart of our democracy and our ability to self govern. I think this was made clear by various voices in the protracted Boehner thread - so won't repeat. I haven't seen this kind of vitriol since the Bush v. Gore days. Boehner's morning speech was a "four-flagger" - if anyone noticed. During the Bush v. Gore post-election battle some of the opposing speeches were set in front of 7, 8 and even 10 American flags. Nutty? Yes. But keep in mind each side is attempting to claim the higher (and more patriotic) ground here. It is essentially a bitter fight for the hearts and minds of Americans - waged primarily through highly crafted and calculated sound bites and carefully choreographed camera appearances.

    Not to sound too depressing ... some of the pundits I follow seem to think Obama has the clear higher ground at the moment based on significant polling results and, if accurate, the matter will be resolved (or what passes for resolution) over the next several weeks.
  • ron
    and I thought my email to Obama and Boehner was responsible.
  • VintageFreakVintageFreak
    OBummer and Boner. Enough said.
  • JohnChisum
    Asia's main indices have started the day over here on a good note, up over 1%. Will they hold that remains to be seen but so far they are not watching the US news.

    Australia up 1.48%
    Nikky up 1.03%
  • jerry
    I think buying today will prove wrong (at least in the short run) Buying tomorrow if there is a drop of over 150 in the Dow might work out.Bottom line. : I suggest not trading on news and probably don't trade at all.
  • TSP_TransferTSP_Transfer
    Reply to @JohnChisum: "investors took a chance and cheered perceived progress to avert a possible U.S. default"Asia @ 3 week highs,more rumors.
    http://www.reuters.com/article/2013/10/11/us-markets-global-idUSBRE96S00E20131011?feedType=RSS&feedName=businessNews
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