I often check CNBC's website for market information, and have always noted the pessimism that they seem to be infused with. Are they always short the market or what?
This morning, the Producer Price Index came out, and it showed inflation up a bit. No question about that. The first headline I saw on CNBC was something like "Inflation Data Pounds Futures." The futures were down maybe 35 points on the Dow -- not what I would call a pounding.
Now the headline is "Inflation Gloom Casts Market Pall." You would think the Dow would be down at least 100 points, right? No...at 941am, CNBC has the Dow down 15.88.
Pessimism runs rampant.