These talking heads on TV continue to crack me up. This time it was the people on Fox’s ‘Bulls & Bears’ discussing how Bush ‘saved the market’ with his press conference Thursday night. It’s like they simply see a triple-digit up day on the Dow and pull out the party hats. Never mind that the Dow was down 128 points on Thursday and ‘only’ up 122 on Friday. Or that the S&P 500 has gone essentially nowhere for the past nine sessions and continues to cross its 200-day moving average every day.
I imagine that bulls and bears are frustrated with this sideways action. We’ve gone through the heart of earnings season but all of those reports didn’t break the market out of its range. (I think the bulls should be worried about that!) Perhaps people are waiting for the tomorrow’s Fed meeting to commit some serious money? I’ll certainly be doing very little until after the Fed’s decision is released.
Sell in may and go away ?
Yeah, same with me. Until FED – no new stocks in my portfolio
Hi Mike, longtime reader first time writer. I was wondering what you thought on RANKY. It looks tempting to me but what do I know, you’re the best stock blogger on the web.
I don’t like to write about such thinly traded stocks but I will say that RANKY is locked in a downtrend.
Bulls and Bears should be called Bulls and S**t if you get my drift. These programs MUST come up with hot stocks every week or there is no show. Sort of like brokers trading on commission are told by the boss to trade or get out of the business. Great site, I linked you today.