All of the above. Or none of the above... or some of the above. It depends. Every morning when I get up I review all the news. Then I review my portfolio and then I review the news again. e.g. Today Janet Yellen said again she was going to raise rates. http://www.marketwatch.com/story/yellen-says-a-rate-hike-likely-to-be-needed-this-year-2015-07-10 Well she's been saying this for a while. Janet doesn't look like a broad I'd pay much attention to so I have been taking a wait and see attitude. I have been holding a spread in TLT that has a good deal of profit in it that I don't want to lose. TLT took a dip on Yellen's insistence she was going to raise rates: http://stockcharts.com/h-sc/ui?s=tlt This means to me that people are beginning to believe Janet so I closed my TLT position and locked in my profit. Other days, other realities, evolving portfolio: different decisions.
I am confused as to why the market didn't react negatively. Futures had priced no hike until next year.
Or maybe the market believes it to be momma Yellen BS or cannot focus on more than one thing at a time.