The realization that a European focused US market does not react in this manner, has finally forced market gurus to switch their attention to the new behavioral trends. This is a pragmatic approach, since historically we have not witnessed such sustained discipline and market inaction to negative headline news.
It is a nightmare to the trader and more significantly, the news reporter; a development completely transforming the typical market function.
And although the realization that stock market movements are now led by a new behavioral trend rather than old news, has changed most analysts' thinking, it has still not grabbed news reporters' attention!
As traditional behavioral trends are now transforming, reporters are still focusing on the NO NEW news coming out of Europe!
And when they can no longer justify their European thesis by watching market price reaction, simply because the price action is contrary to what they are reporting, they continue to try to link any news that will confirm their European obsession...
One might ask, how are you certain that market participants are not Europe focused? And if not, where is their focus now?
First, I have pointed this out a month ago. And the price action in October I believe should've been proof enough.
Second, I guess you can probably see where I'm going with this in applying the term OT, in todays message title, to the past few days’ stock market action.
It is clear to me that investors, despite the media's attempt to downplay "operation twist", have realized that OT is superior to QE and QE2 combined!!
And all this happened while the bears are being "trapped" in believing in the insufficiency of OT!
After Note: Absent of a singularity event, I will be very surprised if the price action does not prove my suggestion above to be true...and as always...