A lot of that news has been digested by markets during this pullback
A lot of that news has been digested by markets during this pullback: Sevens Report Editor, Tom Essaye, Quoted in Barron’s
Dow Closes Flat Ahead of CPI Report
Sevens Report Research’s Tom Essaye told Barron’s that the move seemed to be a bounce after a string of down days, since none of the data out Thursday were particularly upbeat. He points to a hot Philly Fed index, mixed earnings, and hawkish comments from New York Fed President John Williams.
“But, a lot of that news has been digested by markets during this pullback and because it’s nothing new, we’re seeing a bit of a relief rally,” Essaye says. “However, none of today’s headlines solve any of the problems the market has been dealing with so I don’t think this is a bounce that will last, barring a positive surprise on inflation, geo-politics or earnings.”
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