The Dow rose 150 points yesterday. We’re not sure what to make of it. Does it mean we were wrong about the beginning of the end? Are we still in the middle? Or is our whole theory wrong?
Hold your horses, dear reader. We’ll have to wait to find out.
The papers attributed the big upward thrust in share prices to news from Europe. The specific fact that caused the swing to profit had to do with Jean-Claude Trichet’s travel plans. He was in Australia for one meeting; now he’s coming back to Europe early so he can partake of another.[Read more...]