Still, the package outlined by the two leaders was sparse, suggesting Europe's two top economies have yet to agree on the plan's specific elements. And for investors who have been growing increasingly skeptical of European officials' ability to contain the crisis, the recent commitments rang hollow.
"I'd be leery of this move," said Charlie Smith, chief investment officer at Pittsburgh-based Fort Pitt Capital Group. "I don't think there are a lot of strong underpinnings to this rally."
One sign Monday's rally lacked strength: Volume was particularly low as holidays were being observed in the U.S., Canada and Japan. (Bond markets in the U.S. also were closed.) Some 3.9 billion shares changed hands in New York Stock Exchange composite volume, below the daily average of 4.4 billion shares this year and the lowest in three weeks.
Traders have noted that many of the big gains have been on days of lighter volume, suggesting less conviction on the part of investors. |
发表于 2011-10-10 20:16
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