I just received the book 'Elliott Wave Principle' by Frost & Prechter, and already I`m labeling it as a good book. I made it through the boring preliminaries: Publisher Note, Foreword, and Author`s Note sections. I soon skimmed the book and stumbled across a fantastic excerpt on economic news:
``While most financial news writers explain market action by current events, there is seldom any worthwhile connection. Most days contain a plethora of both good and bad news, which is usually selectively scrutinized to come up with a plausible explanation for the movement of the market.``
Well put sir!
And yet, never the less, we still need to watch for the economic report released, and breaking news developments. For me personally, I like to see what the economic reports are saying, and attempt to find a connection (although I rarely do). But I don`t watch CNBC, just because it`s constantly bombarding me with commercials, and giving me little or no information on the markets I`m watching. If I were ever to find current news developments I would be looking on the Websites: Google News, MarketWatch, Bloomberg, and most importantly Forex Factory (easy to grab information; you get discussions on the news articles presented; and it is just pleasant to look at).
But my general view of market News and Reports is summed up by Frost & Prechter paragraph.
