The news overall was negative but that only offered bulls a speed bump it seems. Late in the day program trading and the algos (HFTs) took over to drive prices substantially higher off the lows.
Beyond JPM, the eurozone downgrades and Consumer Sentiment the big news was what was contained in the short video from Trim Tabs. Retail investors have fled and are hiding in checking accounts and if not there than in bonds. This is a serious issue for markets and anyone involved with them. It's not just a lack of confidence but trust in markets has been lost. Once this is gone, it's hard to win back.
Please enjoy your long weekend!
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