Perma: Why listen to a guy who last month got you long on the lows, when you can heed advice from the shmucks on this board.
it looks like yesterdays action was just a fake out, and today we continue up. I don't think everyone here is a smuck, but I think that some are skeptical to the point of being whimsical. On the other hand my broker friend is very sure of what he is telling me, so i'm staying long.
Why isn't today's action a fakeout? Take out short covering volume, and it doesn't look all that bullish to me....
I neither agree, nor disagree, with your "broker friend"....but I would be curious to see a copy of his recent purchases of the same stuff he is selling you. Have you ever heard even a Real Estate Broker tell you it's a bad time to buy real estate? I don't think so. I am quoting another "expert" below.....FWIW. Don Read the following (not my opinion, just another voice) ...this is why I don't recommend listening to anyone: Investment Outlook Bill Gross | September 2002 Dow 5,000 My message is as follows: stocks stink and will continue to do so until they're priced appropriately, probably somewhere around Dow 5,000, S&P 650, or NASDAQ God knows where. Now I guess I'm on somewhat of a rant here but come on people get a hold of yourselves. Earnings have been phonied up for years and the market still sells at high multiples of phony earnings. Dividends and dividend increases have been miserly to say the least for several decades now and you've been hoodwinked into believing the CORPORATION should hold on to them for you so that they can convert them into capital gains and save you taxes. Companies have been diluting your equity via stock options claiming that management needs incentives of millions of dollars just to get up in the morning and come in to work. Then they pick you off by trading on insider information, selling shares before the bad news hits and you have a chance to get out. If you try to get a hot IPO you find all the shares are taken - by Bernie Ebbers. Come on stockholders of America, are you naïve, stupid, masochistic, or better yet, in this for the "long run?" Ah, that's it, you own stocks for the "long run." We bond managers may have had a few good relative years but who can deny Stocks for the Long Run ? Not Jeremy Siegel, not Peter Lynch, maybe not even Bill Gross if you stretch the time period long enough - 20, 30, 40 years. But short of that, stocks can be, and often have been poor investments. The return on them depends significantly on their beginning valuation and right now valuation remains poor. Dow 5,000 is more reasonable. Let's see why. (Full story: http://www.pimco.com/ca/bonds_commentary_investment_outlook_0902.htm )
"Have you ever heard even a Real Estate Broker tell you it's a bad time to buy real estate?" Have you ever heard a Prop Firm Marketing Manager tell you it is a bad time to come to work at his firm? I don't think so..... Recent photo of Don "King" Bright:
Thanks again for spending your time helping with the marketing efforts. Your check's in the mail.... and I like the picture.... Don