Everyone else is writing about the Oracle of Omaha's op-ed piece today so I might as well join in.
Some have said that is Buffett is buying then it is good enough for them.
Others have a bit more jaded view and say that Buffett was sitting on some big Goldman and GE losses after getting his sweetheart deals there and is pumping up the market for his own benefit.
Well, not even Buffett can keep the market going singlehandedly so we'll set both of these aside. I am not going to get into whether he is right or wrong but rather talk about what the market did after he spoke.
First of all, the NY Times website has the piece dated 10/16 so today's rally cannot be pinned on that. Thursday, maybe but the market dumped in this morning. No lasting effects there.
And if it was in the paper Friday (I don't read newspapers for news since I live online) then again, the market dumped in the morning.
And even if expanded coverage of the piece Friday mid-day was the culprit for the rally the whole thing faded in the afternoon.
No, ladies and gents, the market did not move on Buffett. He is not the first influential pundit to think the market is a long-term buy here. What moves the market is fear and greed as always and both are in long supply these days.
We understand the fear part. The greed part comes from fat juicy daytrading profits that are now possible. I've said it before - 500 points in a day (intraday) used to be a good year's work.
Me? I am still sitting it out. Sorry, but subscribers will find out before blog readers when I think it is time to nibble, bite or gorge and where to begin.