Friday, June 27, 2008

Journalists, oy!

Here they go again. The headline after the close today read:

Dow off nearly 20% from high, signaling bear market

That's what HAS happened. Calling something a bear market implies that more of it WILL happen. Can anybody give me a break? How about this headline?

The Dow is down 20% and you should have sold when the technicals turned sour oh, about a month ago.

Sorry, just a pet peeve of mine. This sort of stuff does absolutely no good to anyone's readers or clients.


Anonymous said...

Good topic! I think the best way to play the markets is to understand the market action and not to listen to all the crap. There is a lot good and bad about everybody having the right to speak just anything (like I am doing now) but acting on just news does no good. A yahoo business headlines today says "Dow in the bear territory". Looks like the guy is just awake from a long sleep.

Anonymous said...

Sorry to hear you are peeved about the mainstream media's stupidity. Your readers know that what they turn out is for "Homer Simpson." Even the people working in media know it. The crap turned out by the media is why columnists and bloggers have a following. You should be thankful instead of peeved.

Use your space to discuss how close we are to the next bear rally and ignore the ignorance of the masses (don't we really have to do that in all aspects of American life?).

Anonymous said...

On any given day,

Bloomberg : "Market drops, as oil plunges!"

WSJ : "Market recovers from it's worst level as oil plunges!"

Barron's : "Market tumbles despite of oil's plunge!"

CNBC : "Oil & Market tumbles together as Pisani & T. Boone Farted at the same time!"

People please~
Literal acceptance of headlines can be harmful to your pocket.


Michael Kahn said...

T.Boone gas does sound powerful. I happen to like Pisani as he does come up with some real technical analysis every once in a while.

But journalists must publish something in their alloted space.time slot every day or they get fired. There are days I really have nothing to say about the market but my subscribers do not pay me to say nothing. Usually, I try to find a different spin or try to teach something but write I must.

I would love to write how close we are to the next bear rally - or even the bottom - but nobody knows. We'll get signs from the market when it is happening and maybe, if we are lucky, when conditions are ripening for it to happen.

Here's my clue for free blogger land - financials and tech will start showing real buying again. The tech rally in March-April was run on vapors. The finance rally was a 1/2 day wonder.

Anonymous said...

I am not, in any way mocking journalists.
Rather, I wanted to point out that the readers need to filter out personal interpretation of the writers, and think for themselves.
As for the bear market rally, charts points to a substantial spike about to start.
Short lived maybe, but a substantial one.
I agree that financials and techs will see buying.
Before the end of the year, techs might even take out new highs.
I guess it all depends on the extent of next leg down.
But even on medium term view, bottom does not appear completed yet.


Anonymous said...

Yeah, i needed a weatherman to tell me which way the wind was blowing. I've been waiting for that 20% milepost just to be sure that the duck walking across the street truly was a duck. Yeah, right.

I love nothing better than to be short when most are looking for a bounce; or to be long when most are looking for the train to back up & let them onboard. When the commonly held view breaks down the move is more dynamic.

Jump Street