| 11:30 [BRIEFING.COM] Frankly, Briefing.com had a hard time understanding why the market staged such a strong, and sharp, rally from this morning's lows, but we think we have identified a reason why there was such a noticeable shift in sentiment-- trading floor rumors that there is an emergency Fed meeting taking place... Briefing.com would note, however, that such rumors in the past have proven to be invariably false...When the Fed does have an emergency meeting, it is via phone, and we cannot think of a single case where news of one of these conference calls has been leaked... In any event, the rumor has garnered attention and facilitated the buy interest... What the market does know for sure, though, is that the earnings environment is lousy... It was reminded of that again just a short time ago when Dow component, International Paper (IP -0.07), warned of a Q1 shortfall, citing the economic downturn, high energy costs and the continued strength in the U.S. dollar... The warning has tempered some of the recent buying interest... NYSE Adv/Dec 1509/1236... Nasdaq Adv/Dec 1380/1666. |
