Yeah, I know exactly what you mean. I just covered my CSCO short, but given the last 15 minutes of action, I think I may have been premature...although you just KNOW the Januses and Goldmans of the world are gonna fight like hell to keep it from breaking 50.
In the "Obviously someone is lying..." department, CNNfn is usually more even-handed in choosing their on-air guests than CNBS is. But today, it's been a steady stream of guys who are bullish as hell. I mean, unabashed "buy this market, don't wait for dips, buy it now because November and December are set to be barn burners..." I kept checking the station, thinking I had unwittingly turned to CNBS. Now, if EVERY ONE of these fund managers and "strategists" are wildly bullish and telling viewers "now is the time to pile in," why's the Nasdaq down this afternoon? Distribution anyone?
They had one guy this afternoon (forget his name, he runs a fund) taking calls from viewers...a guy calls in, sounds like he's gotta be in his 70's. The old guy says he bought a bunch of tech stocks a few months ago and is down $50,000 just this month. The response from the fund manager? "Load up NOW on chip stocks and it wouldn't hurt to buy some QQQs while you're at it." Is that ludicrous or what? Here's a guy who's probably retired, living off of his investments, is obviously risk-averse (due to the fact that he was whining about getting spanked for $50k), and yet this fund manager tells him to dive into chip stocks and buy the QQQs. UFB |
