BAD NEWS BULLS
There's nothing like bad news to get bulls fired up. Clearly, there's a large crowd which ascribes to the previous theme: "bad news is good, good news is better". This has dogged bears and encouraged bulls since late summer 2010 as QE2 began and zero interest rates remained entrenched. This encourages risk taking given poor alternatives. Wednesday, the hint of more QE post June 30th contributed to a short-lived intraday bounce. Thursday featured more dreadful economic news with Jobless Claims once again higher and GDP data confirming weak growth. As to the latter, the WSJ noted the report featured more inventory versus consumer spending--this is a bad sign....READ MORE
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