. And, there is no shortage of reasons that the financial media pundits have ascribed to that decline. While many point to the bad jobs data, we have to at least be honest in recognizing that the market began this decline well before those poor jobs numbers were announced. So, we can easily dismiss that superficial reason.carry trade.
Well, I hate to provide a dose of reality into your world of “belief,” but it was not the reason for the market decline. You see, there is so much misinformation being published throughout the financial media which is accepted as truth by most readers. And, they continue to regurgitate this reason in their conversations with others, and then it eventually becomes ubiquitous as the accepted reason for how the market moves.
Most of the time it is easy for observers to believe in news causality. Financial markets fluctuate constantly, and news comes out constantly, and sometimes the two elements coincide well enough to reinforce commentators’ mental bias towards mechanical cause and effect. When news and the market fail to coincide, they shrug and disregard the inconsistency. Those operating under the mechanics paradigm in finance never seem to see or care that these glaring anomalies exist.
And, with the market not giving us the setup for which I was watching which would indicate that the top of the market was in place, I continued to look higher to our next targets. And, once we got to the 5350SPX region, I became very conservative and started raising cash.
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