Hey JB
Sorry if my previous reply came across as snide or rude.
It wasn't meant to be.
What I meant to say is that most people aren't day or position traders like yourself, or my or most others on this thread or SI in general.
And I do believe that most of the money going into the markets go in with a long term intention.
And most people are believers in a bull market too.
Caution: At this point, this post just turns into a rant and you probably won't gain much out of reading further.
So only read if you're bored and in need of a good chuckle<GGG>
I suppose I have become quite cynical over the years watching how Wall Street functions.
I see this rally as nothing more than sheep being lead to the slaughter.
Maybe I have it completely wrong but I can't find much fundamentally to lay a bullish cap on- and we already know tomorrow's unemployment numbers are going to be terrible
But the spin will likely be that it is already factored into the markets and that it is a lagging indicator.
Yet the media parades analysts out daily telling people things are getting better and they should be buying stocks
What most of these investors don't realize or want to acknowledge is that brokerage houses have a job to do and that is sell inventory.
Someone here earlier mentioned it feels a lot like the 90s with the only difference that the economic future is much different(worse) than in the 90s.
I agree wholeheartedly and would add also, in the 90s while growth was seemingly endless
there was perhaps some justification in richly priced stocks
But in today's markets, with little growth in the forecast, insiders selling in volume, top executives resigning, etc..., I get frustrated(to say the least) to see all these TV personalities and analysts beating the table screaming buy buy buy buy!
Ah, I guess this rant is not going anywhere
So I will close.
sorry for wasting your time
P.S> Oh yeah, I will say I am still a bear and until something changes I will remain bearish, and continue to post bearishly orcynically.
When I hear Fed talk about unconventional means of supporting this economy, I get scared.
when I look at PE in the stratosphere I don't believe we are at the dawn of a new bull market.
Maybe it is different this time and I am looking at things very close minded.
If so we'll know in time and I'll admit it
But for now I see no reason to be bullish on the market or the economy(locally/nationally/globally)
Trading the markets, that is one thing.
Investing in these markets
That is just plain stupid, IMO of course.
BRCM was good for 5% today ....
SEBL was good for more than that to me.
I did a total of six trades on it alone today.
Two long
Four short.
I took some home short too.
Not much because unless I can get a foothold on a position I will not allow that.
But to take something home long, if even for a position trade, I feel too uncomfortable(with the exception of some of the miners I've held for a while and they are also not huge positions.
Mostly I just want to get through this bear market in one piece and not get killed.
If I can make a few bucks great.
But as long as I see things in the light that I do i will remain cynical
But hopefully not frustrated<GGG>
Now, all that being said, I'm getting ready to make my foolishly low WAG for tomorrow, I'm not even going to wait for the unemployment numbers in the morning!
PPS> What effect, if any, do you think the consumer credit figures will have on the markets, if they come in much higher than expected? |
