An old Wall Street saying "buy on the rumor, and sell on the news" is an imperfect one that could impede the market's outlook.
That's according to Bruce Ebel, managing director, portfolio manager for large cap growth portfolios at MEMBERS Capital Advisors in the April 20 MarketLine alert. MEMBERS is the registered investment advisory affiliate of CUNA Mutual Group.
"The information is 'imperfect' because it is a current assessment of future, and therefore inherently unknowable, facts," Ebel wrote. "Once the information becomes 'perfect,' [for instance] known in fact, the market can re-adjust its future outlook. The sell off today is consistent with that type of thinking, especially as it relates to the banking sector."
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