Floor Talk: Afternoon volatility around Obama speech
After what has been a calm afternoon, the market has seen a bit of volatility around Obama's first press conference since being elected on Tuesday. The averages had edged up to afternoon highs prior to Obama's speech, which was focused on the state of the economy. It seems that expectations may have been heightened heading into the event, and when Obama didn't say anything that would come as a surprise, the market saw a sell-the-news type reaction. We wouldn't read too much into the market's reaction to the speech as it makes sense that Obama would keep his comments relatively general at this point.
After what has been a calm afternoon, the market has seen a bit of volatility around Obama's first press conference since being elected on Tuesday. The averages had edged up to afternoon highs prior to Obama's speech, which was focused on the state of the economy. It seems that expectations may have been heightened heading into the event, and when Obama didn't say anything that would come as a surprise, the market saw a sell-the-news type reaction. We wouldn't read too much into the market's reaction to the speech as it makes sense that Obama would keep his comments relatively general at this point.
