That'll be the day, when they give up trying to predict. Here's the lastest prediction:
siliconinvestor.com
By Haitham Haddadin
NEW YORK (Reuters) - If investors don't get another anxiety attack over more "Enronitis" in the wings, stocks are expected to rise next week.
Do you think it might be the same reporter, with several aliases? Next week, it'll be Edgar Cayce.
They've added the weaselly "if" this time, to be safe. Fortunately, accounting problems are clearly confined to Enron. No other company would ever dream of exaggerating or misrepresenting its earnings, or concealing debts and losses in off-balance sheet partnerships. So Enron's troubles are old news. If such problems did crop up elsewhere, the shredding trucks could be sent out quickly to their next assignment, anyway. We can forget about Enron now, and the market will continue up, on stronger than expected earnings -- pro forma earnings. But I do hope the Enron scandal doesn't touch its Washington office, at the White House.
As for daytrading, I agree with Connellan. Most people don't succeed at it, but they continue to believe in it, because it's as addictive as gambling -- or rather, it is gambling. I know groups of people dedicated to it, and few if any are making money doing it. I recall one study showing that something like 67 of 68 people trading at a one daytrading firm had lost money. For most daytraders, any gains are sooner or later offset by substantial losses. And for those just breaking even, the greatest loss may be the loss of time. |
