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Markets Are Confused And Stupid, And Apparently People Don't Know How To Read
Price action in the stock market today tells you everything you need to know about the cognitive dissonance investors are experiencing right now. Since around 2 PM ET, when the FT published a preview of this week's FOMC monetary policy meeting by the pink paper's Federal Reserve correspondent, Robin Harding, U.S. stocks have taken a sharp turn lower. The headline was "Fed likely to signal tapering move," and the knee-jerk reaction was to sell stocks. What is amazing about the market's reaction to the article is the lack of market-moving news actually presents. Here's the lede: "Ben Bernanke is likely to signal that ... (full story)
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