Trivial Earnings, Not-So-Trivial Buying
Posted on February 02, 2009 at 20:04 PM EST
On Wednesday, after the markets closed, as well as Thursday before the open, the distinct majority of earnings surprises were positive. So, why on Earth did the Dow (^DJI), Nasdaq (^IXIC), and S&P (^GSPC) close down between 2.7% and 3.3%? Because what is happening is exactly what I said was happening. Earnings and non-catastrophic news alone are ...