You just missed a pretty interesting conversation on CNBC between Carl Quintanilla and their friend on the floor, Art Cashin.
The discussion turned to investors’ newfound thirst for foreign newspapers, in their desire to get a broader handle on the ongoing economic ructions.
That certainly resonates with us, and we’re constantly scrutinizing foreign papers for nuggets that don’t get picked up here.
Cashin also described how Thursday’s rally was fuelled, in part, by a headline that traders reacted to which said that the EU had officially pledged support for Greece. Turns out the headline was so long that part of it was truncated, and that it was just some outside analyst who predicted this.
But in our go-go, machine-driven markets, it doesn’t take much to get people spooked in one direction or the other. Something as simple as a truncated headline or a breathless report in The Telegraph could do the trick.
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