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.
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.