Lately, almost everything CNBC says is fadable. I was long AAPL and sold before the release of the iPhone. Normally, its buy the rumor sell the news. This time, CNBC was TALKING about it all the time, and lo and behold Apple actually rallied (at least thus far). I've noticed that as the market seems to be dominated by traders, almost anything CNBC says is fadable. I don't know if its because its dominated by traders, or if its because the mainstream is watching CNBC (those that trade). In either case, CNBC seems to be a good proxy for the collective in terms of what they're are thinking. Otherwise, I find it to be the most utterly useless and annoying station on TV; with it sinking lower and lower as time goes on. (I do like the first 10-15 mins of fast money, tho, although I want to see how they perform in chop or downtrends). Lately, I find myself being so disgusted by it I have to turn it off more often than not. [I do watch movies, game shows, etc just gets boring]
i agree. once these guys get hold of something the news is worthless. valid point you made though. when my local paper put out a story about subprime being a mess and the reporter clearly did not have a clue what he was talking about the whole thing seems to have turned around in the last 24 hours. im sure someone said that if it is on the front page of a business magazine or section then its a given it will go the other way.