The Psychology of Trading, page-284

I expect good news will result in an initial moderate rise that falls short of previous large pops, mainly as many prior investors are a bit gun-shy from past experience. so a reasonable rise followed by a profit taking pullback. then medium term series of rises with rising highs and rising lows as the larger investment world gains visibility and takes long positions and the shorts give up their shorts. I will be keeping an eye on overall market cap against risk adjusted future discounted cash flows as I see long term valuations in this light. in the short term the market acts like a voting machine. in the long term it acts more like a weighing machine.