An excerpt from the “news” today:
NEW YORK (Reuters) – The technology-dominated Nasdaq Composite Index (NasdaqSC:^IXIC – News), which had rallied on Tuesday, fell more than 2 percent, recording its biggest one-day percentage loss in more than 4 months and its lowest close in nine months…”The problem is that so many people are expecting that technology performance can’t go up from here,” said Brian Pears, head of equity trading at Victory Capital Management.
Actually, there is no problem. The market will do what the market will do. The problem is with Mr. Pears. He is trying to predict, rationalize, justify, etc. the market’s movements. Why not instead just follow market movement without trying to explain the market?