After Knee Jerk Selloff on Bad Consumer Data, Stocks Rebound
Stocks bounced back after their initial losses after bad the first take on the Reuters/University of Michigan November consumer sentiment index notched a 66.0, below the 70.6 seen last month. Not too surprising some say. Such a report basically reinforces the market perception that the Fed won’t move rates any time soon, emboldening bulls. “I think the cycle we’re in is that everything bad is good,” said Bruce Bittles, chief investment strategist at R.W. Baird “Simply because it keeps rates down and it keeps skepticism high and that is a power combination for the market.”
Of course, everyone knows this can’t go on forever. But we’ll all be able to perfectly time our exits from the market and find the perfect chair when the music stops. Right?
Find the original story at WSJ MarketBeat:
After Knee Jerk Selloff on Bad Consumer Data, Stocks Rebound
