This goes to show that any old lie that is bullish for equities, when coming from a brokerage analyst, is duly and respectfully printed, for the consumption of the faithful:
>>``'The Santa Claus rally' will happen this year,' said John Manley Jr., senior equity strategist for SalomonSmithBarney. "One of the market efficiencies that doesn't go away is the flow of money in the final days of the year.
``The other thing that does not change are people -- the procrastinators, who tend to wait until the last minute and put a lot of money into stocks in December because it's their last chance to get tax deductions for IRAs,' he said.<<
Anyone who has contributed to an IRA knows that you have until April 15th of the year following the tax year, to deposit money in an IRA, and still be able to take the deduction on the return for the prior year. In other words, anyone who qualifies for an IRA contribution may make the contribution anytime up until April 15th 2000, and take the deduction on their 1999 Income Tax return. The pathetic thing is, this idiot that put forth this false information is a senior equity strategist for SalomonSmithBarney.
Of all people to be dishing out investment advice, one would think that this bozo would know something that practically everyone knows. I wonder if I can sue him for spewing false and misleading investment advice.
any old lie... |
