although in the timefrane i trade it's totally irrelevant, i think we still have a long way to go to the bottom. In europe the first accounting scandal has appeared in the case of Ahold. In Holland it's already publicly known that the balance sheet of Aegon is largely inflated. Aegon is now the prey of short selling hedge funds and it's only a matter of time till they collapse. Unilever is also the subject of accounting issue rumors.I bet they will be the first in a long row. Pensions of millions of workers have evaporated by the fall of the markets, the media persist in their refusal to cover this topic. there's a banking crisis in Germany, although it's still denied. germany also has to cope with deflation. the similarities with Japan are striking. There are clear signs that we still have some dropping to do. When you consider that the eurpean indices already have dropped 30% more than the Dow and S&P the picture becomes pretty ugly.
Dent: Amount netted off book: 2.5 million. Cost of the minor correction: 7.0 trillion. Psychosis enabling me to get rich off the investor: Priceless. Yes I am bored today.
7 trillion dollars is more than a correction. The power of denial is amazing, and is probably the backbone of the trading industry. Like all the casinos in the world, isnt it amazing that they are still in business making money off of the publics denial and addiction to gambling.
and the funny thing (well, 'interesting' thing) is that historically, the current market cap as a percentage of gdp is still way high.. actually at the level associated with a market top.. those baby boomers had better gather their forces and start SPENDING soon, or harry dent's gonna immortalize his (wild) projections for all the wrong reasons (like Charles Duell, commissioner of patents in 1899 "everything that can be invented, has been invented" LOL (well, taht's what he reportedly said, but it's kinda hard to believe))
I heard that they accidentally mistyped the title...it was supposed to be DOW 6,000. That guy is a genius.
You all sound pretty with-it. I'm choosing my first system. Are you mechanical traders? Should I go with Tradestation? As an aside, in my first month, cnbc has only ever led me astray...
I agree with the person who said that it is fun to watch CNBC. They are as funny as hell!! I especially enjoyed the irony of Wall Street's own doe eyed cheerleader interviewing those two twerps. By the way, the fun will continue on CNBC today. Watch Tweedle Dum & Tweedle Dee to witness that effeminate Republican defend his good friend Glassman. I bet you half a donut he will atleast mention one sentence about the interview with Maria. Any takers?