markets most likely discounted it http://www.euronews.net/2010/06/21/tough-austerity-measures-expected-in-uk-budget/
Don't you guys just trade price action anyway? If you had a good looking setup contrary to your interpretation of the fundamentals, would you pass it up?
So if the news says one thing and price action strongly says something else, to which would you yield?
I am inclined to agree. So then, while talk about fundamentals is interesting and makes us all feel important, knowledgeable and clued in, is it not somewhat superfluous, especially for the holding periods under consideration in this thread? (Just being the fly in the ointment. ) P.S. I don't think everything is always, entirely and immediately priced in, because if it were, then markets would be completely efficient. My understanding is that traders rely on market inefficiencies.
market pyschology of the moment is never priced in, people knew the greeks were going to protest ahead of time, it wasn`t till the pictures of the riots happened on tv, that the shorts took advantage. While everybody is discussing slower growth in europe overnight, shorts in europe at 2:30 am will be shorting cl down--its the game.