S&P 500 Snapshot: The Cliff Soap Opera U-Turn

From dshort.com - Advisor Perspectives
December 27, 2012 - 5:43pm

Dec 27, 2012 Doug Short  Unemployment Claims fell more than expected, but so did consumer confidence. What did the market make of either of these? Hard to tell. We're all tuned into the Fiscal Cliff soap opera, with government actors giving the market its cues. The S&P 500 hit its intraday high in the first fifteen minutes of trading and then started a slow decline that didn't accelerate with the bad consumer confidence number at 10 AM. But when Senator Reid commented that we're headed for the cliff, the index nosedived for 10 minutes and then continued the earlier pace of decline....More...

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