NASDAQ Bears beat back the Bulls today

By day's end the bears had won, reversing the tide at lunchtime today. Reports Reuters in Credit worries, GM strike weigh on Wall Street:
Stocks fell on Monday as financial shares weakened on news that Germany's largest bank may take a big hit from subprime mortgage investments, while a landmark strike at General Motors raised concern about the economic outlook.

Citigroup and other banks fell after sources familiar with the situation said that exposure to risky U.S. home loans could reduce Deutsche Bank's profit by $2.4 billion.
Now that is interesting, because around lunchtime the headlines spun the story completely the other way. For example, AP reported:
Wall Street traded higher Monday with investors still upbeat about last week's Federal Reserve rate cut while they await further hints about the economy's direction.
Wait a minute -- today is Monday! Wall Street traded higher Monday until lunchtime with investors upbeat, but within an hour or so they all had "concern about the economic outlook." Are these the same investors or are we all passing through the Twilight Zone?

Stocks can only go up, down, or sideways, so investors are either "upbeat," "concerned," or "neutral," but the latter does not make a compelling headline. "INVESTORS FLAT" probably will not sell copy. So I suppose we are down to the binary combination.

The most logical explanation would be morning euphoria over rate cuts, followed by afternoon angst over more downcast economic realities. In other words, a deep, multi-layered psychology permeates the market: a mask of optimism perhaps covering deeper pessimism, or perhaps a rakish pessism beguiling with more fundamental hope beyond it. Or, using Occam's Razor, the simpler explanation is that mass moods rise and fall, willy-nilly, tracking a range of variables some of which come to the foreground at any given time. It is the media's job to provide the spin. But the reality is much more subtle, complex, and ever-changing, creating the kaleidoscope we know and play as the Market.
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