The investment media is a large industry where customers crave fresh information 24/7. The thing they desire the most is to understand the cause behind the movement of the market each day.
Sometimes that is apparent…many times it is not. The solution, far too often, is that investment journalists just make stuff up. Better that than admit ignorance.
So let me be the first to tell you that I have no clue why stocks went down on Thursday. To me this is just more meaningless noise inside the same trading range that has been in place since December. In fact, most moves inside this range are not worthy of comment.
Perhaps the Government Employment Situation report today will give us something to talk about. Until then…
aka Steve Reitmeister
Executive Vice President, Zacks Investment Research