Today in the market
After losing about 50% of my investments, I decided to begin blogging as a way to vent and rant. Before I begin my rant, I am calling the market bottom. Actually, I am calling it the Obama bottom. He called it yesterday. The bull market is here. Indeed, the socialist,wealth destroyer has called the bottom and if you listened you would be up 2% in one day. Mr. Cool explained how the P/E ratios were attractive, now. He is doing better than Cramer. The only advice he provides is buy and sell looking into a rear view mirror.
Groupthink defeated
The big news today was not the Chinese stimulus package...why is is a great idea when China does it but a disaster when we do it here? Maybe, the market mavens have it all wrong. Obama launched his program to save homes. More on that later. Groupthink..yes.. every market commentator has gone very negative. Why? They hate being wrong and most of them have been throughout this cycle. A few have remained optimistic, Kudlow and Kass, to name my favorites. Today, their collective gloom began to take a back seat. "We are all bulls now."Even the apopletic Cramer is calling this a rally..after calling the market toxic. It is Wednesday and there is still Thursday and Friday...to change.
Today the President released his plan to prevent foreclosures. The plan is well thought out and targets homes and owners that can and willbe saved. The market will love it. (For now,they can't say so.) Kudoes to Donny Deutsch, for shutting up motor mouth Michele Caruso Cabrera. No sooner than the plan is announced does chirpy begin finding fault, speaking over the reporter discussing the plan. Donny explained it is a plan... it is not perfect. It does not save everyone. It should not.Michele is more concerned that it does not save investor property. She's right. Investors ought not be saved. Maybe next time.
Frankly, I have had some problems with the administration's programs. They are becoming more aggressive and getting out the message. Confidence will be restored. The Obama bottom......
The rally was very good despite the sell off in the last hour. It had to happen. Too much optimism.....well...we can't have that.
Groupthink defeated
The big news today was not the Chinese stimulus package...why is is a great idea when China does it but a disaster when we do it here? Maybe, the market mavens have it all wrong. Obama launched his program to save homes. More on that later. Groupthink..yes.. every market commentator has gone very negative. Why? They hate being wrong and most of them have been throughout this cycle. A few have remained optimistic, Kudlow and Kass, to name my favorites. Today, their collective gloom began to take a back seat. "We are all bulls now."Even the apopletic Cramer is calling this a rally..after calling the market toxic. It is Wednesday and there is still Thursday and Friday...to change.
Today the President released his plan to prevent foreclosures. The plan is well thought out and targets homes and owners that can and willbe saved. The market will love it. (For now,they can't say so.) Kudoes to Donny Deutsch, for shutting up motor mouth Michele Caruso Cabrera. No sooner than the plan is announced does chirpy begin finding fault, speaking over the reporter discussing the plan. Donny explained it is a plan... it is not perfect. It does not save everyone. It should not.Michele is more concerned that it does not save investor property. She's right. Investors ought not be saved. Maybe next time.
Frankly, I have had some problems with the administration's programs. They are becoming more aggressive and getting out the message. Confidence will be restored. The Obama bottom......
The rally was very good despite the sell off in the last hour. It had to happen. Too much optimism.....well...we can't have that.
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