Bill Nichols, Head Technology Trader, Bear Sterns, says the market is falling because the last 3 days has seen low volume.
Pinkernell says you should sell and re-allocate funds into other asset classes like bonds. Asset classes! This is pseudo academic bullshit. She doesn't know squat. She uses these terms to sound profound.
The smarter types think the market is falling based on consumer sentiment. That measure has been ignored as useless for 50 years until several years ago when it was resurrected, for lack of any other convenient excuse, to explain the false view that da econumee depens on da consumer.
Isn't the stock market a discounting mechanism? If that is true and in order to be consistent with the latest interpretation of why the stock market did what it did, one must conclude that the market discounts only what is instantaneously reported, and therefore, doesn't discount, but only accounts for current news. According to this view what is accounted today will be forgotten tomorrow. Therefore, it is absolutely useless to ascribe any sort of counting function to the stock market.
The hacks from these brokers who are interviewed should be punished, because they mislead. That's ok with the SEC. The SEC is only interested when someone intends to mislead, but they don't need probable cause. They only need to know someone has money. They already know hacks don't. |
