Stocks bounced today after the big decline yesterday in part because of some optimism on earnings after last night's Alcoa beat.
The rally was a bit subdued. Let's see if more earnings come in positively.
“Some economists, when thinking about long memory, are concerned that it undercuts the Efficient Market Hypothesis that prices fully reflect all relevant information; that the random walk is the best metaphor to describe such markets; and that you cannot beat such an unpredictable market. Well, the Efficient Market Hypothesis is no more than that, a hypothesis. Many a grand theory has died under the onslaught of real data.” Benoît B. Mandelbrot