Phil Henshaw wrote: > The markets during the period are acting as a whole (and > not supposed to do that) and showing themselves to be both strongly > motivated and undecisive as a whole, and in an amplifying way. > If credit is harder to get, say as worsened by the upcoming subprime morgage lending rate adjustments, or improved by Federal Reserve providing money to the banking system, that impacts liquidity which is reflected in price variation. I don't think it is so controversial that the equity markets can have their own intrinsic momentum.
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