Obama Speaks, Market Listens

Peter A. McKay writes:

Mr. Obama officially announced his economic team in a press conference that ended around 12:30 p.m. Eastern. As he spoke, the market gave back about a third of its gains but remained solidly in the black.

Is there a pattern here? One guess would be that those who pay attention to Mr. Obama's press conferences are bullish on his administration. While they are away--listening to his remarks--trading is dominated by bears who push prices down.