The market did go up a little on the news but now we're coming back down again because I think the good news is factored in,
More Quotes from Lee Ferridge:
Without fresh good news on the U.S., the current account worries come back to the fore so people worry about the dollar. With stocks it's a question of how much good news is already priced in.Lee Ferridge
We have the FOMC tomorrow and big economic numbers, which are generally seen as upbeat,
Lee Ferridge
The question is Is it economic recovery or government spending that has boosted the yen recently I tend to think it's the latter. There is little incentive to buy Japanese stocks at the present time, and really, little incentive to buy yen.
Lee Ferridge
After all, it wasn't a bad number. It's just that the market had positioned for something even better.
Lee Ferridge
People are still digesting Friday's data and wondering whether the short-term reaction to sell the dollar was right,
Lee Ferridge
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