A few days ago, everyone was looking for a bounce in the stock market and the market obliged by probing new lows. Today, following the dead Wall Street analyst bounce, (OK dead cat, but PETA's wrath is on you) the market scooted up 100 Dow points, dipped to flat, then up 50, then actually into the red, then somewhat up again. And it is not even lunch time yet.
Everyone was on one side of the boat. Wells Fargo burped and Jamie Dimon (JP Morgan) let it out the other end and everyone quickly ran to the other side of the boat. It was as if a naked Miss America (or Mario Lopez, for you ladies, or have we seen far too much of him already? But I digress.) was out there tossing money to everyone. What joy!
Then the boat rocked again, didn't it? It is trying to shake everyone off.
My advice is to hunker down and not get cute. You are not going to pick off 18% one-day gains today. You are not going to buy UAL at the bottom and get a 40%-er. But you are free to buy Coke at the open after it announced great earnings and be down 3.5% by mid-day today.
Don't let the prospect of a nice counter-trend rally fool you. After all, it is COUNTER TREND to a bear market.
rant time
Let's Go, Feds! Let's Go, Feds! (with apologies to Mets fans).
Why are speculators bad for oil when it goes up and bad for stocks when they go down? I would like to know if they still plan to schtup the windfall profits tax on the oil companies now or is the CRISIS OVER? No they are back to Wall Street "abusers." Are they going to go after importers next because the dollar is weak? How about farmers for not growing crops when there is a food problem? Oh wait, they pay them not to grow crops, don't they.
Stop meddling in the markets. It never works. Ever.
4 comments:
I think the next "Dead-cat bounce" will only last for minutes, not hours. Life is too short to fool around!
Can't help myself to share you this one:
http://bigpicture.typepad.com/comments/2008/07/in-defense-of-s.html
"Apparently, Free markets means free to go up only . . ."
Speechless.....that's what Free-Market means!!!
Wow! A scary first hour trade, start to build my short position, really tempting to short! particularly the whole financial sectors.
Hey annonymous,,
your comments (way too frequently) are annoying at best. You are not a hedge fund manager as you portray to be on other sites, so stop. You probably sit at your desk, unemployed, and thinking you are a real trader. Well, you are not...but, if you are, post your percentages and stop trying to act like you are really anonymous. Your postings to this site (at least for me) are obnoxious and VERY predictable). The game is up and you are down.
Hey Anonymous....your postings are lame and boring. Do us all a favor, stop posting. You sit in your little office pretending to even be a fund manager on other sites, but the gig is up. You are nothing and in fact an idiot. So stop trying to glorify yourself as a find guru and read the comics. You know what they are...they are the newspaper pages most people toss in the recycling bin before they pour through the real fluff...news, politics, business (you know what that means?)....I didn't think so...but we do..it is the FLUFF, what many use to resurface their bird cages.
You are a clown...
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