Sabri Oncu wrote: >Doug wrote: > >> Yes they move markets, but sometimes for as little >> as 2 minutes. Anything moves markets. Markets move >> on their own, and people select reasons after the fact. > > >Doug, > >Markets are people, aren't they?
Yup, people assembled in the functional equivalent of a mob. Each trying to get a jump on the other without straying too far from the consensus. Given to herd behavior, sudden shifts of opinion, overreaction followed by reversals. And the latest piece of news is usually the most important (unless they're in a mood to ignore it). Just this morning, CNBC had a Chicago stock futures trader on who said that Enron was big news a few weeks ago, but now we've moved beyond that. Doug
