WINDERMERE, Fla. (Stockpickr) -- U.S. stocks are trading modestly higher today as market bulls added to their gains for the week, following yesterday's move by the European Central Bank to inject liquidity in the European banking system.
The ECB and its partners in the U.S., Britain, Japan and Switzerland opened new lines of credit to European banks, allowing them to borrow dollars for as long as three months. The hope among the bulls on Wall Street is that this move shows that European leaders are serious about containing their sovereign debt crisis. The less optimistic crowd is viewing this action as nothing more than a bandage on massive wound.
Nothing demonstrates the bear view more than this recent Bloomberg report that bearish bets by hedge fund managers at the end of August on S&P 500 index futures increased to the highest level in almost four years.
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