What gives, Wall Street? Another day, another dose of dismal news ignored.
A double dose of economic reality has been digested and dismissed, with consumer confidence plunging and housing prices falling in January for the seventh consecutive month. Traders weren't particularly bothered by either report -- at midsession, the Dow, Nasdaq and S&P 500 were all higher by 0.4% to 0.6% and continuing the year's uptrend that resumed after a mid-March interruption.
Should the Dow hold its gain, it would be the fourth advance in five days, and it would come despite a 3.1% decline in the S&P/Case-Shiller home price index and a drop in the Conference Board's consumer confidence measure.
If there wasn't so much at stake, you might rightly laugh in the face of gloomy news -- or do like I do and turn to old Julie Andrews clips for wisdom at such times of great uncertainty and perplexing forgiveness.
For example, this Mary Poppins prose seems kind of profound and relevant.
In every job that must be done
There is an element of fun
You find the fun and ... snap!
The job's a game.
So if your job is to make money in the markets, all you need to do is acknowledge the enormous game that is going on right now and embrace it. And snap. You'll be making money and having fun. At least until the rules change.
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- Wall Street
- the Conference Board
- S&P 500
- Julie Andrews