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SPY rised almost 2% on hopes for rescue of European banks

The market (SPY) rised on hopes and wishful thinking today on mediocre volume. Nothing exciting today.

“The market is trading on sentiment right now, not fundamentals,” said Rob Stein, head of Astor Asset Management. “People are hoping that the bounce yesterday means that we’ve hit a bottom, but the problems that were in the economy Monday haven’t changed since then.”

The US economy isn’t any stronger today and Europe hasn’t solved their problems at all. They are melting it a bit, so when it hits with full strength, it won’t be that hard. At least they hope for it.

So what is the outcome? If you bought higher, sell now before the market falls again. Mr. Market is offering you a way out.

Happy Trading!

4 responses to “SPY rised almost 2% on hopes for rescue of European banks”

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